Pepsi price hikes drive profits

In 2022, the New York-based company installed multiple rounds of price hikes to accommodate rising inflation, and while PepsiCo expects economic pressures to persist in 2023, it still sees consumer demand being resilient. “We have most of our price increases for the year already in place,” PepsiCo Chief Financial Officer Hugh Johnston told Reuters, adding that a big percentage of pricing in 2023 would just be a carryover of the actions taken last year.