The CEO of Coca Cola has issued a warning to anybody who buys its popular soft drinks. The entire beverage range, which includes Diet Coke and Fanta, is now subject to a price hike, and there could be further increases to come.
Despite growth in revenue, the CEO of the popular drinks brand James Quincey said that the price increase will come into play around the world this year. He said: “There will be price increases across the world in 2023".
According to Liverpool Echo and Birmingham Live, this comes after prices across Europe rose by 15 percent in three months to the end of December compared to the previous year.
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Coke's revenue rose by seven percent to $10.1bn (around 8.3bn) between the October to December period, the company said on Tuesday (February 14), as well as a full-year 2022 revenue growth of 11 percent.
Mr Quincey said: "Inflation is likely to moderate as we go through the year, and therefore we expect the rate in which prices are going to increase will start to moderate and become more normal by the end of the year."
Coca-Cola HBC said costs it incurred per case in 2022 rose 17% and it expected this to increase by "low teens percent" this year, Reuters reports.
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