Why did Coca-Cola's operating expenses surge in Q1 2024?

Coca-Cola's operating expenses did not surge in Q1 2024. In fact, the company experienced a deflationary environment in some raw materials, such as flour, oils, dairy, and eggs, which were offset by double-digit inflation in sugar/sweeteners, mixes, chocolates, and meats. Additionally, the company's total operating expenses represented 24.4% of sales for the quarter, compared to 23.2% in the prior year, indicating a slight increase in operating expenses as a percentage of sales, but not a surge in absolute terms.