date:Jul 31, 2014
a and emerging markets, adjusting for the calendar effect. This is a great achievement in a very deflationary environment across Europe. Deflation has been especially strong in Spain, where the total food retail market decreased by 4 per cent, compared with Q2 2013. Although we expect deflation trends to remain in the third quarter, we foresee some improvements for the last quarter of the year.
We are experiencing faster growth in Iberia and more rapid expansion in emerging markets, where we ar