“So a long way to say cocoa cost should be clear by the end of this year beginning of Q1 and prices particularly in Europe will be much clearer towards the end of Q1 beginning of Q2.”

In context

“tant because in our case, we haven't locked in cocoa prices yet. We want to take advantage of the potential decline of cocoa costs, albeit we want also to be protected on the upper side of cost. On the other side, on the level of elasticity, look, I think you know that it takes a little bit of time to implement price in Europe. And I think we're going to see in places like the UK where we don't have buying alliances, we are going to see the effect of elasticities much earlier and quite honestly from what we see today, they are already quite good in terms of not having a big impact. For the rest of Europe, we will have to wait towards the end of Q1 beginning of Q2. In emerging markets, as I said, we're going to price quite rapidly, but there we will protect price points in the entry level. So a long way to say cocoa cost should be clear by the end of this year beginning of Q1 and prices particularly in Europe will be much clearer towards the end of Q1 beginning of Q2. David Palmer: That's very helpful. And I guess I want to just pick your brain on just the US snacking, Ken asked you about why cookies, perhaps is doing towards the high end of the snacking category, which is historically weak right now. Obviously, you're a global snacking player, and you participate in confectionery outside the US in a bigger way, but confectionery in the US is particularly weak. I'm wondering why you think confectionery in the US is so weak right now, and if there's any sort of interesting juxtapositions you could create between those two, what you see for example in developed market Europe and with chocolate and the price receptivity for example and the consumer versus what we see in the US which seems to be pretty rough right now? Thanks. Luca Zaramella: Look, it's re”