Coca-Cola plans to raise its soda prices

June 24, 2011 6:37:16 PM PDT
Coca-Cola plans to raise its soft drink prices next month.

The company announced Friday the cost of soda will climb 3-4 percent on July 31. That's on top of a 2 percent increase earlier this year.

The company blames the increases on higher costs for goods including corn, oil and packaging.

Pepsi is expected to raise its prices as well, from 3-5 percent, sometime between July and Labor Day.