“And then from a cost perspective, we've seen some commodities showing signs of pulling back but we still expect significant inflation in '23 and hence, the pricing rounds we have to go through.”

In context

“re starting our negotiations in Europe for the typical beginning of the year 2023 pricing round. As it relates to Latin America and AMEA, the pricing that we implement is more fragmented, but in most cases, we're also in our third pricing round. And so far, it looks like that will go well, this new pricing round. Of course, we have to see what happens in Europe, where we expect more customer disruption in the beginning of the year as we announce the pricing. From an elasticity perspective, maybe I would say that, that remains below expectations. It is lower than it was last year even, certainly lower than it was pre COVID. In our forecast, we are foreseeing higher elasticity effects because we believe that eventually, there will be a bigger effect, but so far, we're not quite seeing that. And then from a cost perspective, we've seen some commodities showing signs of pulling back but we still expect significant inflation in '23 and hence, the pricing rounds we have to go through. I think we're very well positioned for '23. We have to continue to price in light of the inflation. We will increase our focus on RGM, revenue growth management. And we continue to invest to drive volume growth and, of course, net revenue growth. And I think as I said before, we will see some volatility in Q1 in Europe as we implement pricing. I can go maybe a little bit deeper because I know that it's on everybody's mind as it relates to the European consumer and what are we seeing there, might be useful to do so. What we see is that they continue to prioritize grocery spending. They seem to be choosing that instead of spending on other discretionary items. So we see a clear decrease in entertainment and leisure, in travel, in restaurants, in eating out, in clothing, personal care, house”