James James, CEO of Coca-Cola, the world’s largest soft drink manufacturer ·
In an interview with US Consumer News and Business Channel (CNBC), James Quincey stated that the company intends to increase product prices due to rising raw material prices.
Quincy said:”We have good hedging measures in 2021, but the pressure in 2022 is increasing, so prices must rise.”
He pointed out that the company expects that the cost of goods will rise in 2022. He also pointed out that Coca-Cola intends to”wisely” manage price increases.
At the same time, Quincy did not specify which of the company’s products will increase prices. According to CNBC reports, the last time the company announced a price increase was in 2018, citing rising aluminum prices.
Earlier, Coca-Cola released its financial report. The financial report showed that the net profit attributable to the company’s shareholders fell 19%in the first quarter to US$2.25 billion. Coca-Cola pointed out that in the first quarter, the uncertainty caused by the new crown epidemic eased, thanks to the market recovery, sales volume improved every month.
The Coca-Cola Company was founded in 1892 and is headquartered in Atlanta, Georgia. The company’s most famous brands are Coca-Cola, Fanta and Sprite.