“I think internationally, on the commodity side, again, I think we expect commodity inflation to be in that low single-digit range. Wage inflation probably in the low to mid-single-digit range.”

In context

“hanks. Ian Borden: Good morning, Chris. Let me take that. Yes, you're right. I think as you said, in our opening comments we talked about the fact that we think our 2024 company-operated margin percent will be roughly in line with where we ended for 2023. I mean, I think there are a few things that are going on, so I'll kind of talk about it, U.S. and then International. I mean I think in the U.S., if you look at kind of commodity inflation for 2024, we think that will be in the low single-digit range. I think wage inflation probably in the mid to higher single-digit range. Part of that is because of the impact of what we're going to have to work through in California, which I know you'll be aware of and the significant wage increases that come into effect there at the beginning of April. I think internationally, on the commodity side, again, I think we expect commodity inflation to be in that low single-digit range. Wage inflation probably in the low to mid-single-digit range. So obviously, we've still got kind of the current inflationary effects. And at the same time, we've got, obviously, carryover from much higher kind of inflation levels that we experienced as we work through 2023. So those are a bit of maybe kind of the -- kind of pressures. Obviously, you've heard us talk about what we think from a sales perspective. So obviously, we're going to get a lift as we continue to grow sales through 2024 landing kind of where I said. But I think we remain really confident that we can continue to drive leverage in margins as we look forward as some of these inflationary pressures begin to settle on a more consistent basis. And we're able to continue to grow sales, which we're obviously really, really confident in our ability to do that with the plans and strategi”