(Reuters) – PepsiCo (NASDAQ:) Inc on Tuesday raised its annual income and revenue forecasts, betting on regular demand for its sodas and snacks in addition to value hikes undertaken to offset rising prices.

Main client items firms hiked costs to battle skyrocketing prices of all the things from aluminum cans to labor and transport ensuing from supply-chain disruptions because of the pandemic and compounded by the Russia-Ukraine battle.

In February, the Frito-Lay maker mentioned it will not increase costs of its merchandise additional in distinction to rival Coca-Cola (NYSE:).

PepsiCo’s common costs jumped 16% for the quarter, whereas natural quantity slipped 2%.

The corporate mentioned it expects 2023 natural income to rise 8%, in contrast with its prior forecast of a 6% enhance.

PepsiCo now sees annual core earnings per share of $7.27, in contrast with $7.20 earlier.