The profitability also suffered on account of inflationary prices of coffee and cocoa. The operating profit margin corrected by 100 bps to 23.4%. Raw material cost stood at 43.6% of revenues-same as the year ago elevated level of 43.7%.
Fed’s Jefferson urges patience on rates; Kashkari sees more hikes ahead
Federal Reserve Vice Chair Philip Jefferson stated that he sees no immediate need for further interest rate adjustments. He emphasized that future decisions would depend