Beer Getting Promotional

Dear Client: One of the themes that came out of our conference in January is that beer will return to 2019-level or above discounting levels, and it appears to be happening.  Remember that when price gaps get out of whack -- not only within and among beer categories but compared with wine and spirits -- (as they increasingly are now); and you have historically low production capacity utilization rates, (as we increasingly have now); and you take two price increases