DURABILITY Extended Life, Chemical Resistance, High & Low Temperature Performance, Flexibility, UV Stability, Tensile Strength SOLUTIONS: Cross-Linkable Formulations, UV & Light Blocking Additives, High-Temperature Crosslinked Formulations REGULATORY SPECIFICATIONS Quality Assurance, UL, CSA, CPR Compliant SOLUTIONS: Flame Retardants & Compliant Colorants, Product Authentication Technologies, Flame Retardant Engineered Polymers, LSFOH Flame Retardant Formulations PROCESSING EFFICIENCY Reduced Part Weight, High Extrusion Speeds, Ambient Curing SOLUTIONS: Cross-Linkable Formulations, Chemical Foaming Agents & Additives, Processing Enhancement Additives, IMPROVED SAFETY Flame Performance, Property Protection, Heat & Chemical Resistance SOLUTIONS: Flame Retardant Engineered Polymers, Wire & Cable Colorants, Antimicrobial Additives, POWER CABLES https://www.avient.com/products/polymer-additives/uv-and-light-blocking-additives/cesa-light-additives https://www.avient.com/products/engineered-polymer-formulations/high-temperature-polymer-formulations/colorant-chromatics-crosslinked-formulations DURABILITY & AESTHETICS Extended Life, High Material Flexibility, Chemical Resistance, UV Stability, Tensile Strength, Laser Markable Colors Colorants for Wire & Cable, UV & Light Blocking Additives, Antimicrobial Additives, Laser Marking Additives FIRE SAFETY Flame & Fire Performance, Low Dripping, Property Protection, Heat & Chemical Resistance SOLUTIONS: Flame Retardant Additives, REGULATORY SPECIFICATIONS BEAD, UL, CSA, and CPR Compliant, Quality Assurance SOLUTIONS: Engineered Fiber Products, Flame Retardants & Compliant Colorants, Product Authentication Technologies, LOW SMOKE & FUME NON-HALOGEN (LSFOH) High Flame Retardancy, Low Smoke, Fume, Corrosiveness & Toxicity, Smoke Mitigation SOLUTIONS: LSFOH Flame Retardant Formulations, Non-Halogenated FR Additives DATA CABLES SPEED & EFFICIENCY Faster Deployment, Lower Labor & Manufacturing Cost, High Extrusion Speeds SOLUTIONS: Chemical Foaming Agents & Additives, Processing Enhancement Additives, Laser Marking Additives, Water Blocking & Absorbing Yarn, Ripcords for Fiber Optic Cable ELECTRIC & THERMAL MANAGEMENT Low-Dielectric Performance, FEP Alternative, Data Integrity, Data Performance Flame Retardants & Compliant Colorants, LIGHTWEIGHTING Dielectric Strength Members, Weight Reduction SOLUTIONS: Chemical Foaming Agents & Additives, Synthetic Fiber Strength Members, Water Blocking & Absorbing Yarn HIGH-TEMPERATURE SOLUTIONS Pre-Colored Formulations, Laser Markable Colors, Standard & Custom Colors, Conductivity SOLUTIONS: High-Temperature Colorants & Pre-colored Solutions, High Temperature Marking Inks, Colorants & Additives, Conductive High-Temperature Formulations https://www.avient.com/products/fiber-line-engineered-fiber-solutions/fiber-line-engineered-fiber-products https://www.avient.com/products/fiber-line-engineered-fiber-solutions/fiber-line-engineered-fiber-products/ripcords-fiber-optic-cable https://www.avient.com/products/fiber-line-engineered-fiber-solutions/fiber-line-engineered-fiber-products/strength-members https://www.avient.com/products/polymer-colorants/high-temperature-color-concentrates https://www.avient.com/products/printing-and-marking-inks/colorant-chromatics-marking-inks https://www.avient.com/products/polymer-additives/colorants-and-additives-wire-cable https://www.avient.com/products/engineered-polymer-formulations/conductive-signal-radiation-shielding-formulations/colorant-chromatics-conductive-formulations-0 POWER CABLES Cross-Linkable Formulations Syncure™ XLPE Cross-linkable Polyethylene Formulations ECCOH™ XL Cross-Linkable Formulations Colorant Chromatics™ Crosslinked Formulations UV & Light Blocking Performance UV & Light Blocking Additives ECCOH™ LSFOH UV Formulations Chemical Foaming Agents & Additives Excelite™ Chemical Foaming Additives Hydrocerol™ Chemical Foaming Agents Processing Enhancement Additives Cesa™ Processing Additives Cesa™ Laser Additives Colorant Chromatics™ UV Laser Marking Technology Flame Retardants & Compliant Colorants Cesa™ Flame Retardant Additives OnColor™ UL 94 Colorants Product Authentication Technologies Cesa™ Percept™ Authentication Technologies Syncure™ XLPE Cross-linkable Polyethylene Formulations ECCOH™ Low Smoke and Fume Non-Halogen Formulations ECCOH™ XL Cross-Linkable Formulations Wire & Cable Colorants OnColor™ Colorants for Wire & Cable Antimicrobial Additives Cesa™ WithStand™ Antimicrobial Additives Electrical Performance Additives Electrical Performance Additives https://www.avient.com/products/engineered-polymer-formulations/flame-retardant-formulations/syncure-xlpe-cross-linkable-polyethylene-formulations https://www.avient.com/products/engineered-polymer-formulations/sustainable-formulations/eccoh-xl-cross-linkable-solutions https://www.avient.com/products/engineered-polymer-formulations/high-temperature-polymer-formulations/colorant-chromatics-crosslinked-formulations https://www.avient.com/products/polymer-additives/foaming-agents/excelite-chemical-foaming-additives https://www.avient.com/products/polymer-additives/foaming-agents/hydrocerol-chemical-foaming-agents https://www.avient.com/products/polymer-additives/colorants-and-additives-wire-cable/cesa-laser-additives https://www.avient.com/products/polymer-additives/laser-marking-additives/colorant-chromatics-uv-laser-marking-technology https://www.avient.com/products/polymer-colorants/solid-color-masterbatches/oncolor-ul-94-colorants https://www.avient.com/products/engineered-polymer-formulations/flame-retardant-formulations/syncure-xlpe-cross-linkable-polyethylene-formulations https://www.avient.com/products/engineered-polymer-formulations/sustainable-formulations/eccoh-xl-cross-linkable-solutions DATA CABLES ECCOH™ Low Smoke and Fume Non-Halogen Formulations Maxxam™ FR Flame Retardant Polyolefin Formulations Maxxam™ SY Foamable Flame Retardant Formulations UV & Light Blocking Performance UV & Light Blocking Additives ECCOH™ LSFOH UV Formulations Chemical Foaming Agents & Additives Excelite™ Chemical Foaming Additives Hydrocerol™ Chemical Foaming Agents Processing Enhancement Additives Cesa™ CTR Additives Cesa™ Laser Additives Colorant Chromatics™ UV Laser Marking Technology Ripcords for Fiber Optic Cable Fiber-Line™ Ripcords Water Blocking & Absorbing Yarn Swellcoat™ Water Blocking & Absorbing Yarn Flame Retardants & Compliant Colorants Cesa™ Flame Retardant Additives OnColor™ UL 94 Colorants Product Authentication Technologies Cesa™ Percept™ Authentication Technologies Engineered Fiber Products Fiber-Line™ Engineered Fibers Synthetic Fiber Strength Members Fiber-Line™ Synthetic Fiber Strength Members Antimicrobial Additives Cesa™ WithStand™ Antimicrobial Additives Colorants for Wire & Cable OnColor™ Colorants for Wire & Cable Cesa™ Conductive Additives Cesa™ Stat Antistatic Additives LSFOH Flame Retardant Formulations ECCOH™ Low Smoke and Fume Non-Halogen Formulations 1.844.4AVIENT www.avient.com Copyright © 2024, Avient Corporation. DATA CABLES Non-Halogenated FR Additives Cesa™ Flame Retardant Additives Colorants & Additives Smartbatch™ Combination Colorants & Additives OnColor™ Colorants for Wire & Cable High-Temperature Colorants & Pre-Colored Solutions Colorant Chromatics™ ECTFE/ETFE Colorants Colorant Chromatics™ FEP Colorants Colorant Chromatics™ PEEK and PEI-Siloxane (SILTEM™ resin) Colorants & Pre-colored Solutions Colorant Chromatics™ PFA/MFA Colorants Colorant Chromatics™ PVDF Colorants Colorant Chromatics™ Reinforced Formulations High-Temperature Marking Inks Colorant Chromatics™ Marking Inks Conductive High-Temperature Formulations Colorant Chromatics™ Conductive Formulations https://www.avient.com/products/engineered-polymer-formulations/flame-retardant-formulations/maxxam-fr-flame-retardant-polyolefin-formulations https://www.avient.com/products/engineered-polymer-formulations/flame-retardant-formulations/maxxam-sy-foamable-flame-retardant-formulations https://www.avient.com/products/polymer-additives/foaming-agents/excelite-chemical-foaming-additives https://www.avient.com/products/polymer-additives/foaming-agents/hydrocerol-chemical-foaming-agents https://www.avient.com/products/polymer-additives/processing-enhancement-additives/cesa-ctr-additives https://www.avient.com/products/polymer-additives/colorants-and-additives-wire-cable/cesa-laser-additives https://www.avient.com/products/polymer-additives/laser-marking-additives/colorant-chromatics-uv-laser-marking-technology https://www.avient.com/products/fiber-line-engineered-fiber-solutions/fiber-line-engineered-fiber-products/ripcords-fiber-optic-cable https://www.avient.com/products/polymer-colorants/solid-color-masterbatches/oncolor-ul-94-colorants https://www.avient.com/products/fiber-line-engineered-fiber-solutions/fiber-line-engineered-fiber-products https://www.avient.com/products/fiber-line-engineered-fiber-solutions/fiber-line-engineered-fiber-products/strength-members https://www.avient.com/products/polymer-additives/electrical-performance-additives/cesa-conductive-additives https://www.avient.com/products/polymer-additives/processing-enhancement-additives/cesa-stat-antistatic-additives https://www.avient.com/products/polymer-colorants/color-additive-combination-masterbatches/smartbatch-combination-colorants-additives https://www.avient.com/products/polymer-colorants/fluoropolymer-color-concentrates/colorant-chromatics-ectfe/etfe-colorants https://www.avient.com/products/polymer-colorants/fluoropolymer-color-concentrates/colorant-chromatics-fep-colorants https://www.avient.com/products/polymer-additives/colorants-and-additives-wire-cable/colorant-chromatics-peek-and-pei-siloxane-colorants-pre-colored-solutions https://www.avient.com/products/polymer-colorants/fluoropolymer-color-concentrates/colorant-chromatics-pfa/mfa-colorants https://www.avient.com/products/polymer-colorants/fluoropolymer-color-concentrates/colorant-chromatics-pvdf-colorants https://www.avient.com/products/engineered-polymer-formulations/high-temperature-polymer-formulations/colorant-chromatics-reinforced-formulations-0 https://www.avient.com/products/printing-and-marking-inks/colorant-chromatics-marking-inks https://www.avient.com/products/engineered-polymer-formulations/conductive-signal-radiation-shielding-formulations/colorant-chromatics-conductive-formulations-0

SOLUTIONS FOR FIBER OPTIC CABLE Engineered Fibers, Color & Additives, Specialty Engineered Materials BINDER YARN Flat, low-profile Highly absorbent (up to 65x its weight) BUFFER TUBE SWELLABLE YARN Cleaner than gel Highly absorbent WATER SWELLABLE FRP Non-corrosive, non-conductive, No flaking or shedding Overcoat and upjacketing available STRENGTH MEMBER Aramid or fiberglass yarn Processes cleanly with minimal dust UNDER-SHEATH RIPCORD Swellable, non-wicking Available in colors for easy identificationLASER MARKING ADDITIVES Provide good contrast in black outer jacket for outdoor exposure JACKET Color formulations for PVC, PE, TPU, TPC UV protective additives Non-halogenated colors for LSFOH LSFOH UV formulations for high flame retardancy, chemical and UV resistance, low COF TPE Polyamide, custom polyolefins LOOSE TUBES, TIGHT BUFFERS AND MICRO-MODULES LSFOH UV formulations for improved processing speeds, strippability & gel resistance Customized formulations: PBT PP TPE Color formulations for polyamide, PBT, LSFOH , TPE, TPC (Thermoplastic Copolyester) Laser marking additives https://www.avient.com/products/fiber-line-engineered-fiber-solutions/fiber-line-engineered-fiber-products/ripcords-fiber-optic-cable https://www.avient.com/products/fiber-line-engineered-fiber-solutions/fiber-line-engineered-fiber-products/water-blocking-absorbing-yarn https://www.avient.com/products/fiber-line-engineered-fiber-solutions/fiber-line-engineered-fiber-products/water-blocking-absorbing-yarn https://www.avient.com/products/fiber-line-engineered-fiber-solutions/fiber-line-engineered-fiber-products/fiber-reinforced-polymer https://www.avient.com/products/fiber-line-engineered-fiber-solutions/fiber-line-engineered-fiber-products/strength-members https://www.avient.com/products/fiber-line-engineered-fiber-solutions/fiber-line-engineered-fiber-products/ripcords-fiber-optic-cable https://www.avient.com/products/polymer-additives/performance-enhancement-additives/oncap-laser-marking-additives https://www.avient.com/products/polymer-additives/uv-and-light-blocking-additives/oncap-uv-stabilizer-additives https://www.avient.com/products/thermoplastic-elastomers/onflex-thermoplastic-elastomers https://www.avient.com/products/engineered-polymer-formulations/general-engineered-formulations https://www.avient.com/products/engineered-polymer-formulations/general-engineered-formulations/bergadur-polyester-formulations https://www.avient.com/products/engineered-polymer-formulations/general-engineered-formulations https://www.avient.com/products/thermoplastic-elastomers/onflex-thermoplastic-elastomers https://www.avient.com/products/polymer-additives/performance-enhancement-additives/oncap-laser-marking-additives

https://www.avient.com/products/polymer-additives/performance-enhancement-additives/oncap-scratch-mar-resistance-additives https://www.avient.com/products/polymer-additives/uv-and-light-blocking-additives https://www.avient.com/products/advanced-composites/pultrusion-and-continuous-filament-winding-technology/glasforms-continuous-filament-wound-tubes-poles https://www.avient.com/products/advanced-composites/pultrusion-and-continuous-filament-winding-technology/glasforms-continuous-filament-wound-tubes-poles http://www.avient.com/products/screen-printing-inks http://www.avient.com/products/screen-printing-inks https://www.avient.com/products/engineered-polymer-formulations/structural-fiber-reinforced-formulations https://www.avient.com/products/engineered-polymer-formulations/structural-fiber-reinforced-formulations http://www.avient.com/products/polymer-colorants http://www.avient.com/products/polymer-colorants http://www.avient.com/products/polymer-additives http://www.avient.com/outdoor http://www.avient.com/outdoor

Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to:  The final amount of charges resulting from the planned North American asset realignment and the Company’s ability to realize anticipated savings and operational benefits from the asset realignment;  Our ability to achieve the strategic and other objectives relating to the acquisition of Spartech Corporation, including any expected synergies;  Our ability to successfully integrate Spartech and achieve the expected results of the acquisition, including, without limitation, the acquisition being accretive;  Disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future;  The financial condition of our customers, including the ability of customers (especially those that may be highly leveraged and those with inadequate liquidity) to maintain their credit availability;  The speed and extent of an economic recovery, including the recovery of the housing market;  Our ability to achieve new business gains;  The effect on foreign operations of currency fluctuations, tariffs, and other political, economic and regulatory risks;  Changes in polymer consumption growth rates in the markets where we conduct business;  Changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online;  Fluctuations in raw material prices, quality and supply and in energy prices and supply;  Production outages or material costs associated with scheduled or unscheduled maintenance programs;  Unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters;  An inability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to working capital reductions, cost reductions, employee productivity goals, and an inability to raise or sustain prices for products or services;  An inability to raise or sustain prices for products or services;  An inability to maintain appropriate relations with unions and employees;  The inability to achieve expected results from our acquisition activities;  Our ability to continue to pay cash dividends;  The amount and timing of repurchases of our common shares, if any; and  Other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation. • The above list of factors is not exhaustive. • We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.

Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: • The time required to consummate the proposed acquisitions described in this presentation; • The satisfaction or waiver of conditions in the purchase agreements for the proposed acquisitions; • Any material adverse changes in the business of Clariant’s Color and Additive Masterbatch business; • The ability to obtain required regulatory or other third-party approvals and consents and otherwise consummate the proposed acquisitions; • Our ability to achieve the strategic and other objectives relating to the proposed acquisitions, including any expected synergies; • Our ability to successfully integrate Clariant’s Color and Additive Masterbatch business and achieve the expected results of the acquisitions, including, without limitation, the acquisitions being accretive; • Disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; • The effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks; • Changes in polymer consumption growth rates and laws and regulations regarding plastics in jurisdictions where we conduct business; • Changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online; • Fluctuations in raw material prices, quality and supply, and in energy prices and supply; • Production outages or material costs associated with scheduled or unscheduled maintenance programs; • Unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; • An inability to raise or sustain prices for products or services; • An ability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to acquisition and integration, working capital reductions, costs reductions and employee productivity goals; • Information systems failures and cyberattacks; and • Other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation.

Factors that could cause actual results to differ materially from those implied by these forward looking statements include but are not limited to:• Factors that could cause actual results to differ materially from those implied by these forward‐looking statements include, but are not limited to:  Our ability to achieve the strategic and other objectives relating to the Spartech acquisition, including any expected synergies; our ability to successfully  integrate Spartech and achieve the expected results of the acquisition, including, without limitation, the acquisition being accretive;  Disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and  cost of credit in the future;  The financial condition of our customers, including the ability of customers (especially those that may be highly leveraged and those with inadequate  liquidity) to maintain their credit availability;liquidity) to maintain their credit availability;  The speed and extent of an economic recovery, including the recovery of the housing market;  Our ability to achieve new business gains;  The amount and timing of repurchases, if any, of PolyOne common shares and our ability to pay regular quarterly cash dividends and the amounts and  timing of any future dividends;  The effect on foreign operations of currency fluctuations, tariffs, and other political, economic and regulatory risks;  Changes in polymer consumption growth rates in the markets where we conduct business;g p y p g ;  Changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online;  Fluctuations in raw material prices, quality and supply and in energy prices and supply;  Production outages or material costs associated with scheduled or unscheduled maintenance programs;  Unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters;  An inability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to working capital  reductions, cost reductions, employee productivity goals, and an inability to raise or sustain prices for products or services;, , p y p y g , y p p ;  An inability to maintain appropriate relations with unions and employees; and  Other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and  changes in the rate of inflation. • The above list of factors is not exhaustive. • We undertake no obligation to publicly update forward‐looking statements, whether as a result of new information, future events or otherwise.  

Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to:  The final amount of charges resulting from the planned North American asset realignment and the Company’s ability to realize anticipated savings and operational benefits from the asset realignment;  Our ability to achieve the strategic and other objectives relating to the acquisition of Spartech Corporation, including any expected synergies;  Our ability to successfully integrate Spartech and achieve the expected results of the acquisition, including, without limitation, the acquisition being accretive;  Disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future;  The financial condition of our customers, including the ability of customers (especially those that may be highly leveraged and those with inadequate liquidity) to maintain their credit availability;  The speed and extent of an economic recovery, including the recovery of the housing market;  Our ability to achieve new business gains;  The effect on foreign operations of currency fluctuations, tariffs, and other political, economic and regulatory risks;  Changes in polymer consumption growth rates in the markets where we conduct business;  Changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online;  Fluctuations in raw material prices, quality and supply and in energy prices and supply;  Production outages or material costs associated with scheduled or unscheduled maintenance programs;  Unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters;  An inability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to working capital reductions, cost reductions, employee productivity goals, and an inability to raise or sustain prices for products or services;  An inability to raise or sustain prices for products or services;  An inability to maintain appropriate relations with unions and employees;  The inability to achieve expected results from our acquisition activities;  Our ability to continue to pay cash dividends;  The amount and timing of repurchases of our common shares, if any; and  Other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation. • The above list of factors is not exhaustive. • We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE: https://archive.ellenmacarthurfoundation.org/explore/the-circular-economy-in-detail https://archive.ellenmacarthurfoundation.org/explore/the-circular-economy-in-detail The goal of the circular economy is to be a continuous, self-supporting system. SOURCE: https://ellenmacarthurfoundation.org/topics/climate/overview SOURCE: https://ellenmacarthurfoundation.org/topics/plastics/overview Why is the Circular Economy Relevant Today? SOURCE: https://www.gartner.com/en/newsroom/press-releases/2019-09-26-gartner-predicts- circular-economies-will-replace-line SOURCE: https://www.greenbiz.com/article/6-circular-economy-trends-will-shape-2020 What Up Next for the Circular Economy?

http://www.ec.gc.ca/default.asp? lang=En&n=3C401D5C-1 http://www.ec.gc.ca/default.asp? lang=En&n=62DA6A44-1 http://healthycanadians.gc.ca/index-eng.php http://www.voyage.gc.ca/index-eng.asp http://www.servicecanada.gc.ca/eng/home.shtml http://www.jobbank.gc.ca/intro-eng.aspx http://actionplan.gc.ca/eng/index.asp http://www.canada.gc.ca/home.html

Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: • The impact of the COVID-19 pandemic has on our business, results from operations, financial condition and liquidity; • Our ability to achieve the strategic and other objectives relating to the acquisition of Clariant’s Masterbatch business, including any expected synergies; • Disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; • The effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks; • Changes in polymer consumption growth rates and laws and regulations regarding the disposal of plastic in jurisdictions where we conduct business; • Changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online; • Fluctuations in raw material prices, quality and supply and in energy prices and supply; • Production outages or material costs associated with scheduled or unscheduled maintenance programs; • Unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; • Our ability to continue to pay cash dividends including at the increased rate; • Our ability to consummate and successfully integrate acquisitions; • An inability to raise or sustain prices for products or services; • An ability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to acquisitions and integration, working capital reductions, cost reductions, and employee productivity goals; • Information systems failures and cyber attacks; and • Other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation.