It's important first to put grocery profits in context. Grocers make less than 5%, typically, on their operations and 3% on average. That's a lower rate than just about any other industry. It's certainly lower than the big food manufacturers and big agriculture. Taking on the notion that this in any way represents an excess profit is a bit hard for me to absorb.
With respect to the profits specifically, it's really important to understand that the big driver on the profitability side—not the price side—over the last year has actually been the recovery of health, beauty, and pharmacy. That's in large measure because people have been coming back into the workforce. They've been going out again, and purchasing all manner of those goods. Those are typically higher-margin goods.
Recently, a number of commentators in the executive ranks of grocers have said that, frankly, the operating margin specifically in grocery is flat. A number of CEOs have even talked about the fact that they are absorbing some of the prices that are arising from vendors, and not fully passing them on to consumers.