Rising costs are leading General Motors and Coca-Cola to raise prices for consumers, according to CNBC.
GM CFO Chuck Stevens said expensive raw materials and unfavorable exchange rates in Brazil and Argentina will cost the company $1 billion this year. Mr. Stevens said these "market forces," not the new tariffs imposed by President Donald Trump, are the reason for GM's price increases.
"To the extent that we have opportunistic ability to pass along some [of the higher costs], we will," said Mr. Stevens, according to CNBC.
Coca-Cola CEO James Quincey said his company will raise prices due to rising costs that include freight rates and metal prices that increased as a result of tariffs on Chinese imports.
"There is some broad-based push on input costs that have kind of come in and affected ours and many other industries as well," said Mr. Quincey, according to The Wall Street Journal.