Coca Cola issues warning to customers as popular soft drink products are set to undergo price rises
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Coca Cola has put out a stark warning to its customers that the cost of their drinks will continue to rise over the course of 2023. It has been reported the average price of its products, like Fanta and Sprite, shot up by 21% in 2021.
The findings were confirmed in the company’s latest trading update which explained how the price hikes were implemented despite positive financial results. Coca Cola’s revenues rose by 7% to $10.1 billion (£8.3 million) between October and December.
Now it seems Coke customers will continue to feel the pinch over the course of the next twelve months as bosses put out a warning. In Tuesday’s report, Coca Cola chief executive James Quincey added “there will be price increases across the world” on the company’s brands.
But Mr Quincey added that he expects inflation to be at a more “moderate” rate 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 calendar year.
Coca Cola’s price hike comes just a day after the company revealed its popular soft drink brand Lilt would be scrapped with immediate effect. The tropical drink has instead been replaced under the new name of Fanta Pineapple & Grapefruit.
Explaining the decision to mark the end of Lilt after 48 years, a Coca Cola spokesperson wanted to reassure “Lilt’s loyal fanbase that absolutely nothing has changed”. They added that "it’s still bursting with tangy tropical flavours. It’s just got itself a new name."