James Quincey, the CEO of The Coca-Cola Company, speaks during an interview with CNBC on the floor at the New York Stock Exchange, December 9, 2019.
Brendan McDermid | Reuters
Coca-Cola will raise prices on its drinks to combat the impact of higher commodity costs, its CEO told CNBC on Monday.
The beverage company joins a number of other consumer giants, such as Kimberly-Clark and J.M. Smucker, in hiking prices. While the move will help their profit margins, it may come at the expense of cash-strapped consumers who are still struggling from the economic impact of the coronavirus pandemic.
“We are well-hedged in ’21, but there’s pressure built up for ’22, and so there will have to be some…