Coca Cola warns of major future price hike on all products
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
Soft drinks giant Coca-Cola has issued a stark warning to customers who buy its popular soft drinks.
The brand’s entire soft drink range, including big names like Diet Coke and Fanta, is subject to a major price hike, and it has warned could be further increases to follow.
Despite revenue growth, James Quincey, Coca-Cola CEO, has said: “There will be price increases across the world in 2023″, the Liverpool Echo reports. It comes after prices across Europe prices rose by 15 per cent in the three months to the end of December compared to the previous year.
Coke’s revenue rose 7 per cent to $10.1bn (around £8.3bn) in the October-December period, the company said on Tuesday, as well as a full-year 2022 revenue growth of 11 per cent.
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 per cent and it expected this to increase by “low teens percent” this year, Reuters reports.
Hearing the news, fans of the drinks range have been quick to share their frustration. As one reader wrote: “Avoid these fizzy drinks like the plague. Drink water.”
“Just don’t buy these named food and drinks they’ll soon lower their outrageous prices,” added another.
“Well, that’s one way to try to tackle obesity and rotting teeth! Put the price so high you can’t afford it,” commented a third. “Why not pay over a quid for a can of Coca-Cola? It’s ridiculous.”
Source: Read Full Article