WESTCHESTER COUNTY, N.Y. (TheStreet) - Pepsi (PEP) reported earnings yesterday and most of the media ignored the central issue of pricing. Pepsi raised prices on drinks and snacks in the last quarter and plans to do the same in the current quarter.Perhaps we should forgive the media their sins. After all, there were two big distractions. For one, there was talk afoot that Pepsi might split itself into parts, a la Kraft ( KFT). There was also considerable relief, after Alcoa's ( AA) dismal showing, that a high-profile company reporting toward the beginning of earnings season actually hit its numbers. But still. Pepsi's price increases, not even mentioned in coverage by Forbes and Seeking Alpha and others, should be noted. They demonstrate that rising raw material costs are contributing to the onset of consumer inflation. That's bad news economically. Little is more disruptive to an economy than inflation. Moreover, it's a risk that Pepsi's success in hitting its numbers was in large part dependent on price increases. The company's success going forward is dependent on more price increases. Will they hold? Only time will tell, but you won't even know to keep an eye out if the media doesn't mention it. The New York Times ( NYT) did a great job. Pepsi price increases took center stage in the coverage, starting right with the headline: "Pepsi Plans Higher Prices for Snacks." Keep an eye out here. Better yet, keep two eyes out.