Arizona Iced Tea founder explains why he's bucked the inflation trend and never raised its iconic 99-cent price in 32 years

• The iconic 23-ounce cans of Arizona Iced Tea still sell for 99 cents after 32 years.
• Arizona founder Don Vultaggio told Today he doesn't want to raise prices on consumers.
• The strategy is unique as grocery prices rise and some brands use shrinkflation to profit more.

Don Vultaggio, the cofounder and CEO of the company behind Arizona Iced Tea, still sells his product for the same price as when it launched 32 years ago — 99 cents.

Vultaggio decided to get into tea and founded the Arizona beverage company in New York in 1992 after seeing the success of Snapple. Arizona's signature big cans of iced tea were a quick success, and Vultaggio still runs the company to this day with the help of his sons.

While groceries have gotten more expensive and some brands engage in "shrinkflation" — keeping their price the same while decreasing the amount of product in a package — Arizona has managed to offer its iconic 23-ounce cans for the same price it always has.

In an interview with Today that aired this week, Vultaggio said people ask him how they can sell their classic products, like their green tea or iced tea with lemon, for such a low price.

"We make it faster, we ship it better, we ship it closer, the cans are thinner," he said.

NBC's Savannah Sellers noted that Arizona's competitors charge more than that, and asked him why he doesn't raise their prices and pull in more profit.

"We're successful. We're debt-free. We own everything. Why? Why have people who are having a hard time paying their rent have to pay more for our drink?" he said. "Maybe it's my little way to give back."

When asked if he'd ever raise their prices, he said he couldn't say never, but at least not for the foreseeable future.

"We're going to fight as hard as we can for consumers because consumers are my friend," Vultaggio said.