PepsiCo says price rises will not hurt sales

The company is expecting overall worldwide costs to increase about 6 percent this year, despite a benefit from lower orange prices.

The company has minimized the impact of rising costs for commodities such as energy, cooking oils and corn by raising prices on a host of items and will continue to do so this year, Compton said.

The company will also reduce the weight of certain items without changing the price, a move that boosts the price per ounce but is less obvious in the marketplace.

"What we have found over time is that 'weightouts' have less of an impact than raising the actual price,"Compton said. "Specifically, when you're dealing with a quarter of an ounce or half an ounce here and there, consumers would rather have that than to see their visual price go up."