Supply chain costs have only just normalised - thats everything from fertiliser to raw materials. If we are into month two of that normalisation which we are then it wll take few more weeks as companies stocked heavily at higher prices in fear of not obtaining stock to run their business. So that stock needs to be cleared out first and won't take a month - but by March 23 definitely see deep alleviation of costs in that very key area. Don't see another 75bp hike in the near future when economy and prices in general have softened.
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