Coca-Cola (KO) narrowly topped earnings estimates on the top and bottom lines, while PepsiCo (PEP) released mixed fourth-quarter results earlier this week. The two soda giants are also reporting year-over-year volume declines in North American markets, offset by price hikes alongside inflated food prices. Beverage Digest Editor and Publisher Duane Stanford explains what the soda and snack manufacturers' performances are indicating about the American consumer, a topic President Biden broached in a recent video addressing snack "shrinkflation" "When you look at the companies as a whole, they have very different strategies — PepsiCo, half its business is in snacks and that's a very profitable part of their business," Stanford tells Yahoo Finance. "So, they're looking to always make sure they can maximize investments in the snack business. And so a lot of times, what they're doing is balancing those investments with what they do on the beverage side, so that sometimes leads to decisions when it comes to how much share they're willing to try to take by lowering prices." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Luke Carberry Mogan.

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