The report sticks to the margins of food processors. We are building an index because we don't necessarily have access to primary data. However, we do see trends based on the indices we can get from Statistics Canada. We see that in general, the decline in gross margins to revenue was in the range of 10% in 2022.
Therefore, processors have absorbed cost increases. In addition, as the price index for industrial products, or processed food products, rose as well and some of the cost increase was passed on to processors. They have had to absorb some of those costs given that profit margins are at their lowest level in 20 years. We haven't been able to go further back in time, but clearly there hasn't been a profit margin index as low as what we're seeing now in the past 20 years.
It's true that there is a lot of information to take in there, but I would point out that we're talking about gross margins here, meaning that we subtract primary input and labour expenses from gross revenue.