pellaz saidthere is a lag in most supply chains; the crackers are still being made with materials & labor rates bought last quarter.
the cracker manufacturer is not going to lower his price unless he is forced to or it is to his advantage to under cut the competition.
The manufacturers aren't expected to lower their price. Let's say the manufacturer is in England/Scotland. Assume sells a container of crackers to an american importer for 10,000 GBP. 6 months ago, that 10,000 GBP cost the importer 14,500 USD. But for any crackers the importer bought in the last 3 months or so, the american importer only had to pay 13,200 USD to get the 10,000 GBP to pay the British manufacturer. The British manufacturer still gets the same 10,000 GBP. But the cost of the container of crackers that reaches the USA has now decreased by 1,300 USD, or 9%. One ought to expect that the importer will reduce his price to the distributor by 9%, etc.
That's the way it works for hard goods like cars, truck,s tractors, and aircraft engines. Why should it be any different for crackers?