Soft drink manufacturer Coca-Cola Co. is getting in on the inflation act, planning to raise prices on its beverages by 3 percent to 4 percent in July, a company spokesperson said Friday. The move comes on top of a 2 percent price increase from Coca-Cola earlier this year.

The company blames the rise in prices on rising materials cost, including corn, oil and packaging used in producing, shipping, and marketing the product.

Beverage Digest previously reported that Pepsi would increase prices on its soft drinks from 3 percent to five percent sometime between July 10 and Labor Day.

Credit Suisse analyst Carlos Laboy said in a research note there were concerns Coca-Cola would wait until after Labor Day, after the primary and profitable hot months of selling season for drink manufacturers, impacting all beverage companies since Coca-Cola is the largest and others follow its lead. Now that Coca-Cola has established the fact and the time frame of its price increase competitors are expected to follow closely in line.