The impact of inflation varies enormously between different households – some experience deflation whilst others see huge increases.

This is always the case but is worse in the current high inflationary times. How does this affect your brands?

There is a huge variance in the inflation levels experienced by different households

Using the example of Germany, mean inflation rates by household in Q2 this year were between 7-8%. However some households experienced inflation at over 20% whilst others were seeing deflation. How is this impacting behaviour and your brands?

There is always variation in the level of inflation experienced by households

Looking back over the last couple of years in Germany, household level inflation always shows significant variance. But that variance has increased as prices have risen. Is this leading to a bigger impact on your brands now?

The households that experience high inflation are fairly consistent over time – but not always

Comparing Q1 with Q3 2022 in Germany, there is a strong commonality between households experiencing high inflation in the 2 periods but this isn’t always the case. How do these different households react and how is that affecting your brands?