Obama's economy: Have a Coke and a price hike

This could be the cost of living increase that finally does Obama in.

In an effort to combat climbing commodity costs, Coca-Cola (KO: 64.93, -0.05, -0.08%) will raise its soda prices by 3% to 4% in July, adding to an increase of 2% implemented earlier this year, according to Reuters, citing a company spokesman.

The Atlanta-based maker of Coke, Fanta and Sprite has continued to feel the affects of rising costs for raw materials like oil and packaging, which has forced many of its industry peers, including Kraft (KFT: 34.60, +0.34, +0.99%) and Starbucks (SBUX: 37.35, -0.38, -1.01%), to raise prices.