“I think as you go into next year, or as we go into next year, the inflation that you're going to see is higher than mid-single-digit. I think it is going to be towards the higher end of 5% to 10% at this point in time.”

In context

“s on organic sales growth and understanding you gave some comments about volume and price, but just want to get your perspective on that, those two items? Luca Zaramella: Yes. Maybe look, transparently and it is noted both on the pages of the prepared remarks and in my script. Argentina, I think, in total for the company accounted for a little bit more than two points, not much more than that. If you strip out gum completely from the year-to-date numbers and for the -- both volume and revenue, I would say there is no material change to either volume or net revenue. So in terms of growth rates, I would say Argentina is clear, but it has always been in that range, I would say, a little bit higher in Q3. In terms of gum, no material impact to the top line dynamics on both volume and revenue. I think as you go into next year, or as we go into next year, the inflation that you're going to see is higher than mid-single-digit. I think it is going to be towards the higher end of 5% to 10% at this point in time. Coco lately has had a material spike. The reason being the pulp count coming out of [indiscernible] and Africa has been materially different than what people expected, I would say. So there is pressure on coco. The good news is we are covered for a good portion of the first half next year, and we are protected as well for the remainder of the year. So I'm not going to give you a lot of details here, but you would expect inflation in general to go up. And lately, I think you know, energy costs have been going up a little bit more crude oil, particularly. So I would say we are not done, I believe, in terms of inflation at this point in time. There's still could be variability exchange rates is the other one that comes into play. But it might be a little bit higher than the mid-single digits”