“Overall, we're expecting, as we always do, spot rates will hold on, that's what's based and underlying our planning for next year and our guidance for this year.”

In context

“elp in pulp, though that is moderated by mill shutdowns for maintenance, both planned and unplanned. But on the other side, all our high--energy usage materials, when you think about caustic soda, when you think about ammonia, all of those are increased in pricing. So, the moderation is really limited and it's not consistent across the basket. So, $100 million after tax is the only thing we're seeing at this point in time. We also continue to see upstream in the supply chain. Our suppliers continue to try to recover their input cost increases, their labor inflation, and that continues to be a discussion that is ongoing. I think as we mentioned in CAGNY, some of those contracts roll over 12 months, 18 months. So, there's -- these headwinds and these discussions will continue to be with us. Overall, we're expecting, as we always do, spot rates will hold on, that's what's based and underlying our planning for next year and our guidance for this year. Operator: The next question comes from Andrea Teixeira of J.P. Morgan. Please go ahead. Andrea Teixeira: Thank you. Good morning. So, how should we think about the upside in Beauty? And both you Jon and Andre spoke briefly about travel retail being an upside in Asia. How should we be thinking also on the other side, lapping the triple pandemic and the respiratory benefit you had in healthcare? It seems you could benefit from digestive recently, but how should we be thinking about the other segments? And as we -- just a clarification. As we put in the embedded organic in the fourth quarter is a 4%. But it seems as if you are -- as Andre commented, the exit rate on your volume is potentially flat, bear in mind, of course, the potential risking in Europe. But should we be thinking more of a”