Coca-Cola (KO) is the latest company to announce that it will be raising prices as a result of increased production costs.

CEO James Quincey announced the change Monday on CNBC’s "Squawk on the Street."

“We are well-hedged in 2021, but there’s pressure built up for 2022, and so there will have to be some price increases,” Quincey said.

Coca-Cola is one of several companies that have said in recent weeks that they are raising the price of their products in the near term.

Personal care company Kimberly-Clark said in late March that it would hike the cost of its paper products as pulp prices increase, which would mean consumers pay more for toilet paper, diapers and facial tissue.

Kimberly-Clark produces brands such as Scott toilet paper, Cottonelle toilet tissue, Kleenex facial tissue, Huggies diapers and Kotex feminine hygiene products.

The company did not indicate which brands would be impacted but did say consumers would see an increase starting in late June in its baby and child care, adult care, and Scott bathroom tissue lines in the mid-to-high single-digit range.

Kimberly-Clark joined food producer J.M. Smucker, which raised the price of its Jif peanut butter in August 2020 as peanut yields were lower than expected, causing others in the industry to follow suit, CNBC noted.

General Mills also said during its March earnings call that it would raise prices in the upcoming months.

While Coca-Cola did not give any indication as to which products would see the price increase, Quincey told “Squawk on the Street” that the beverage company intends to “manage those intelligently, thinking through the way we use package sizes and really optimize the price points for consumers.”

The news from Coca-Cola comes as the beverage company released its 2021 first-quarter earnings report on Monday. Coca-Cola saw its net revenue grow by 5% to $9 billion compared to a year ago.

“We remain focused on emerging stronger and executing against our growth accelerators during the recovery phase. We are pleased with the progress we are making,” Quincey said in a statement about the company’s earnings. “We are encouraged by improvements in our business, especially in markets where vaccine availability is increasing and economies are opening up, and we remain confident in our full year guidance.”

Coca-Cola last raised its prices in 2018 due to a tariff on aluminum imports by the Trump administration.

Shares of Coca-Cola were trading at $53.99 as of 1:39 p.m. ET, up 31 cents, or 0.57%.

Shares of Coca-Cola rose as it reported higher sales, with especially good growth in Asia and Latin America
Shares of Coca-Cola rose as it reported higher sales, with especially good growth in Asia and Latin America GETTY IMAGES NORTH AMERICA / JUSTIN SULLIVAN