Operator: Our next question today will come from Andrea Teixeira from JPMorgan. Please go ahead.
Andrea Teixeira: Thank you and Happy New Year to you too. So I have a broader question on volumes. On the minus 4% globally, which compares, I guess, favorably to some of your competitors that reported so far. What was the impact of retail destocking, if any, in Filorga. I mean I appreciate you put it in the prepared remarks, obviously impacted more Europe. So I was wondering if you can kind of breach that gap. And also a good segue from your last comments, Noel, on Europe, you have said obviously more pressured. What are the — and I understand that it was mostly Personal Care and hand soap. Is there anything you can add to that in terms of like the exit rate and also the exit rate for China? Thank you.
Noel Wallace: Sure. Thanks, Andrea. Good morning. So let me talk a little bit about volume performance around the world and more sequentially as we went through the quarter. Volume improved in the fourth quarter versus third quarter and that volume improvement came despite obviously an incremental point of advertising, excuse me, of pricing, which you saw at 12.5%. So, overall, we are pretty pleased. Some of the drawbacks on volume, as we discussed in the prepared remarks, obviously, skin health had a challenging quarter from inventory reductions, particularly in the online world. We saw those inventory reductions, particularly here in the North America business, and obviously, a significant inventory and volume softness in China due to COVID on the Filorga business.
So that really pulled down quite a bit of the volume. You obviously have the Russia impact, which we would quantify to roughly around 30 basis points. Elasticity, as I mentioned early on, were very much in line and consistent around the world, slightly higher elasticities in Europe, but that should be expected and consistent with history, but very much in line with where we expected. A little bit more inventory reduction in India than we expected, particularly in the rural as the rural business has not come back nearly as quickly as we anticipated in the fourth quarter. We expect that, though, to come back in 2023. So, overall, that was very much driven by some inventory reductions we saw on skin, a little bit in the drug classic trade in the U.S. Likewise, the softness that we saw — a continued softness we saw in the China skincare business.
But, overall, volumes improved versus the third quarter and to a certain extent, more or less where we expected. We did not expect a further deceleration of inventory pullback in the U.S. on the skin business. So in terms of exit rates for Europe, if I characterize Europe in general, a strong share growth across the Board and mid-to-high single-digit organic sales growth in Oral Care and in Home Care, which as you rightfully pointed out, was offset by the weakness in Personal Care, which was principally Filorga, China. But, overall, shares are strong in Europe. We seem to be getting our pricing through. Negotiations continue to go quite well. However, categories have been rather soft in Europe given the amount of pricing that, that market has experienced and the sheer inflation that the European economies are incurring today.
So, overall, I feel pretty good about Europe. The good news is the shares are strong and we are getting the pricing through and we feel we are set up for a good year in 2023.
Operator: Our next question will come from Kaumil Gajrawala from Credit Suisse. Please go ahead.
Kaumil Gajrawala: Hi. Good morning. On your commentary on shares
Noel Wallace: Good morning, Kaumil.
Kaumil Gajrawala: Hi. On your commentary on share, you seem quite pleased with share trends. Can you maybe just dig into that a little bit volume versus value, are your shares — do your shares look — are you equally as happy with your share in volume terms as opposed to in value?
