“We still see double-digit inflation rate in 2023, with obviously energy sugar ingredient posing most of the pressure.”

In context

“in Q1, which is the result of the 80% of the pricing kicking in, but profitability in Europe is still not where it should be. So the remaining 20% of the pricing that is being implemented is important. Unknowns are in relation to this further pricing that is needed, a potentially related disruption and some macro volatility. But obviously as anywhere else in the business, we continue to invest and that coupled with additional pricing that will kick in should result in top about the line. So look. I think it is very early for us to guide you to something that is materially better than what we are saying at this point, but if everything plays out we might have further opportunities. I think the other one I want to hit briefly on which is the assumptions that we're making around commodities. We still see double-digit inflation rate in 2023, with obviously energy sugar ingredient posing most of the pressure. A good part of these inflationary pressures as I reminded these audience a few times, it is due to the favorable coverage we had in 2022. But in general, overall cost are not coming down materially. The most recent spikes in terms of cocoa and sugar prices are offsetting some of the other benefits that we see. I think you might have in the back of your mind percentage margins too. I said it a few times, we continued to be obsessed with dollar growth in cash and there might be some pressure in percentage terms, particularly in the next couple of quarters, but sequentially we will be much better throughout the year and we plan to end, clearly on the gross margin percentage positivity. But reality is we've driving a strategy that has being proven to be compelling for everyone. I said this ab”