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  "documentTitle": "Grocery profitability outlook –Europe",
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  "notes": "The slide uses a comparative P&L structure to demonstrate sensitivity of EBITDA margin to labor cost pass-through rates.",
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      "text": "Key assumptions\n• 90-100% of labor cost increase can be passed on to consumers\n• Wage inflation peaked at +4-6% in 2023-24 and is expected to stabilize, however at elevated levels (+2.5% p.a. up to 2029 vs. +1.5% historically)",
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      "text": "1. Including COGS, Logistics, Warehousing and other non-labor costs\n2. In line with ECB labor unit cost inflation forecast: growth of 4.5% in 2024, 2.6% in 2025, 2.1% in 2026, then stabilized at 2% p.a., resulting in 2.5% p.a. until 2029 on average",
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      "text": "Source: State of Grocery 2024, ECB, McKinsey Value Intelligence, McKinsey Analysis",
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