People are turning away from Pepsi's brands because they're too expensive

• PepsiCo's North American sales fell by about 3.5% in the last three months of 2023.
• Its CEO said this was partly because shoppers were put off by higher prices.
• He said that PepsiCo expected its international business to keep growing faster than its US one.

PepsiCo's US sales are falling as the company keeps putting prices up, executives told investors Friday.

"We're seeing a bit of a slowdown in the US, both the food category and the beverage category" in the fourth quarter, CEO Ramon Laguarta said at the company's earnings call.