The increase is in response to a rise in aluminium tariffs.
Coca-Cola's CEO James Quincey announced in the company's earnings call on Wednesday that the drink would become more expensive. Quincey admitted that the move may be "disruptive" (and not in the positive, Silicon Valley sense), but that it's a necessary one.
Why is Coca-Cola, one of the constants of our world, switching up its pricing all of a sudden? The US announced tariffs to be imposed on China (and also Canada) on "roughly 1,100 exports" which "will target the Chinese aerospace, robotics, manufacturing and auto industries," according to CNN. Donald Trump cited, as a reason for the tariffs, the fact that trade between the US and China was previously "unfair."
Aluminium is one of the things being taxed under the new laws and so, because aluminium is what cans are made of, cans of Coke are going to be more expensive. Quincey anticipates people being unhappy about the increase, telling CNN, ""obviously, while [customers] may understand the cost pressures that are out there on freight, on the increases in steel and aluminum and other input costs that affect the bottling system and affects some of our finished products, clearly, these conversations are difficult."
There is still hope though! The price increase has been made on the corporate level of Coca-Cola, meaning that the individual retailers of the drink like, say, a corner store, will be free to take a loss and keep the current price.