Ann: FY2019 Trading Update, page-10

You're right, yours is a strange question.

I'm not questioning the link between the two, only the timing. Do you really think a major manufacturer hasn't hedged some of its input costs on the way up, such that a fall will not have instant impacts?

What we don't know for sure is how much or when.

Wha we can deduce, is "a fair bit" and "not soon"

As for passing costs on into a weakened market, well how'd woolies do riding it's margin for so long?

Personally I think that if they are compressed at both ends then it is prudent to inform the market and ride it of it slowly. If t would seem they have the scale to do that, so why would you knew jerk and risk market share?