The CEO of Coca-Cola says he expects retailers to pass the cost along to consumers. (AP/Keith Srakocic)
Soda-lovers might want to start stocking up.
James Quincey, the CEO of the Coca-Cola Company, said Wednesday that the company would be raising the prices of its carbonated offerings due to rising freight costs and metal tariffs, The Wall Street Journal reported.
Quincy also said he expect the move to result in bottlers and retailers charging the customer more, to make up for the elevated costs.
The change will come sometime "in the middle of the year," according to the Journal.
In recent months, President Trump ordered tariffs to be imposed on exports to the United States; The Wall Street Journal specifically cited tariffs placed on metal exports from China as one of Coca-Cola’s reasons for hiking prices. Quincey said there were other factors, but did not elaborate.
“There is some broad-based push on input costs that have kind of come in and affected ours and many other industries as well,” Quincey told the Journal.
Among those other industries, those in business of brewing craft beer have also raised concerns of aluminum tariffs forcing them to raise prices.
"The aluminum tariff alone could cost the industry $347.7 million and result in the loss of more than 20,000 jobs nationwide,” argued Jim McGreevy, the president of the Washington, D.C.-based Beer Institute, in a previous statement to Fox News.
McGreevy also said he too believed the cost would eventually be passed down to the consumer.
News of Coca-Cola’s rising prices comes amid reports that Coca-Cola topped sales estimates for the quarter, largely due to rising demand for its Diet and Zero Sugar offerings.