(Reuters) -Coca-Cola Co’s quarterly revenues beat expectations Monday due to higher prices and a recovery in soda sales at restaurants and theaters.

According to the company, its decision not to operate in Russia will have an impact on its annual profits by 4 cents per shares.

Consumer goods companies have had to increase prices due to rising costs for ingredients such as sugar and coffee, and a rise in labor and transport expenses. However, demand is resilient and consumers are spending more after the pandemic.

However, companies and analysts warn that the increase in global food costs could be exacerbated by events such as the Ukraine War and Indonesia’s ban of palm oil exports.

In the first quarter, net revenue increased by 16% to $10.5billion. Data from Refinitiv shows that analysts expected revenues of $9.83 Billion.