Coca Cola has issued a word of warning to anybody who buys its popular soft drinks.
The entire beverage range, which includes Diet Coke and Fanta, is now subject to a major price hike, and there could be further increases to come.
Despite revenue growth, James Quincey, Coca-Cola CEO, has said: “There will be price increases across the world in 2023", Birmingham Live reports. It comes after prices across Europe prices rose by 15% in the three months to the end of December compared to the previous year.
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Coke's revenue rose 7% 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%.
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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