Soda lovers might want to start stocking up. James Quincey, the CEO of the Coca-Cola Company, said this week that the company would be raising the prices of its carbonated offerings due to rising freight costs and metal tariffs, The Wall Street Journal reported, as per FOX NEWS.
Quincey also said he expect the move to result in bottlers and retailers charging the customer more, to make up for the elevated costs. He did not specifically discuss how much the company would be charging for carbonated soda, nor did he indicate how much more consumers can expect to pay per can.
A representative for Coca-Cola could not comment on specific price increases, but noted that the ultimate cost of a can would be left up to the discretion of the retailers.
In an interview with CNBC, Quincey had said “there’s broad-based cost inflation” contributing to rising costs. “We had to take, with our bottling partners, an increase on our sparkling beverage industry in the middle of the year, which is relatively uncommon, and that’s the freight, the metals, the steel, the aluminum going up, the labor going up. So there is cost pressure. We’re having to pass that through into the marketplace,” he said. Read more at FOX NEWS.