“And the foreign exchange rate headwinds will accelerate over the coming quarters.”

In context

“ood visibility in the first half, at least on the commodity front. Can you give us a sense of how you're thinking the second half will play out, especially as pricing contribution comes down? Thank you. Andre Schulten: Good morning, Filippo. Yeah, when we talked about the cadence of earnings, I think it's important to understand the drivers of the gross margin expansion we saw in quarter one. And we expect some normalization of gross margin. We were certainly benefiting from a high price contribution in quarter one. And as we said, that price contribution will ease over the coming quarters. The biggest part of the commodity help, about 33% of the $800 million after-tax commodity help has materialized in quarter one. So that's a positive to gross margin relative to the balance of the year. And the foreign exchange rate headwinds will accelerate over the coming quarters. On the other hand, we will accelerate and continue to drive strong productivity. We will continue to drive trade-up and innovation. And we continue to drive every other element of productivity, not only in gross margin, but across the P&L and the balance sheet. But I want you to take away that the gross margin expansion in quarter one is very strong, but we have headwinds going into the balance of the year. Operator: The next question comes from Peter Grom of UBS. Please go ahead. Peter Grom: Thanks, operator. And good morning, Andre. Hope you are doing well. So I wanted to ask specifically on Latin America, 19% growth in the quarter, very strong. And you may have alluded to this, but are you already seeing a return to volume growth in the region? And then just thinking through the perfor”