Talk about sticker shock! A visit to your local grocer may reveal surging prices of Coca-Cola.

Actually, the price of nearly every brand of popular soda has gone bonkers.

I noticed when I walked into my local Kroger and found a display adverting a 12-pack of Coca-Cola at $10.99. I wish there was a way to caps-lock numbers, because … $10.99!

That’s nearly a buck a can, which — pardon this momentary “back in my day” rant — used to be the cost of a vending machine can!

Related: List of Chains That Have Closed or Are Closing in 2025

Has the Price of Soda Really Gone Up?

Being a #SeriousJournalist, I wanted to corroborate my anecdotal experience with hard data. First, some context: I live in Murfreesboro, Tenn., a growing college town not known for high cost of living. Gas is surprisingly inexpensive relative to the rest of America. If I sip water, I can still get a fast food meal for under $10.

Home prices rose sharply here, but did so long after surges in Nashville (about 45 minutes away) and the more affluent neighborhoods nearby. Traffic stinks, but at least I’m not burning money while I sit stuck in traffic.

For some reason, we do seem to be leading the way in soda prices. Taste of Country employees in Austin, Texas report a 12-pack of Diet Coke for sale at Target at $8.29. In Rochester, N.Y., it’s $8.54 at Walmart. A west Nashville Kroger is advertising $10.99.

National data finds the nationwide average is $7.44. Here is a graph provided by the U.S. Bureau of Labor Statistics. It’s measuring cost per 12 ounces.

Another graph provided by the USBLS shows that the average price for a 12-pack of all soft drinks is $6.96 in April, but what’s a soft drink? It feels a bit unfair to include Dr. Thunder for example, as Walmart’s Dr. Pepper knockoff has far less overhead, but for what it’s worth, you can get 24 cans for under $9 in Murfreesboro.

Big Soda is pretty much in lock-step on these new prices. The real Dr. Pepper and Pepsi are all $10.99 in middle Tennessee and comparable elsewhere. Even RC Cola made the leap.

Why Is Soda So Expensive?

The cause of soda inflation isn’t a topic economists have written about much since 2022 or 2023. The best article comes from the U.S. Daily Mail, who listened in to Coca-Cola’s annual report phone call to hear how increased prices have led to a sales drop in the U.S. (overall earnings up during this 2023 chat).

That article also quoted a (behind a paywall) Bloomberg article in which CEO James Quincey said quarterly price hikes would come to an end.

Global demand and inflation are suggested as reasons for price hikes, but the above graph makes it clear prices haven’t flatlined.

Finally, I know what you’re thinking: Isn’t a 12-pack of beer about the same price as a 12-pack of Coke or Pepsi?

I couldn’t find a USBLS report on the average 12 pack of beer, but did find that the nationwide average for 16 ounces of all malt beverages is about $1.87 currently, which maths out to $16.44 for a 12-pack.

Locally, a 12 pack of Bud Light is on sale for $14.99 at my Kroger, but I could drive a bit further to get 12 Busch beers for $11.99 at Target.

Or I could swallow my pride and love of flavor and a good buzz and go to Walgreens for a 12-pack of Michelob Ultra. It’s waiting for me, at $10.99 a 12-pack.