April 29 (Reuters) - Coca-Cola reported a

smaller-than-expected drop in first-quarter revenue on Tuesday,

benefiting from price hikes and strong demand for its sodas,

juices and milk offering Fairlife.

Shares of the Sprite and Fanta maker rose 1% in premarket

trading.

Coca-Cola's price hikes in highly inflationary markets

such as Argentina and Latin America, coupled with customers

still choosing to spend on its slightly higher-priced products,

have helped boost sales growth.

Consumer goods companies such as PepsiCo and Procter &

Gamble have noted a general slowdown in demand, but Coca-Cola

has enjoyed growth for its sparkling drinks and Fairlife milk in

the North American market.

Coca-Cola's average selling prices rose 5% in the first

quarter, the company said, while unit case volumes increased 2%.

The company's quarterly revenue fell to $11.22 billion from

$11.23 billion a year earlier. Analysts on an average expected a

0.84% fall to $11.14 billion, according to data compiled by

LSEG.