• The legendary 23-ounce cans of Arizona Iced Tea still sell for 99 cents after 32 years.
• Arizona founder Don Vultaggio told Today he does not want to raise prices for consumers.
• The strategy is unique because food prices are rising and some brands are taking advantage of shrinkflation to increase their profits.

Don Vultaggio, co-founder and CEO of the company behind Arizona Iced Tea, still sells his product at the same price as when it was launched 32 years ago – 99 cents.

Vultaggio decided to get into the tea business and founded Arizona Beverage Company in New York in 1992 after seeing the success of Snapple. Arizona's signature large cans of iced tea were a quick success and Vultaggio continues to run the company today with the help of his sons.

While groceries have become more expensive and some brands are engaging in “shrinkflation” – keeping the price the same but reducing the amount of product in a package – Arizona has managed to offer its iconic 23-ounce cans at the same price as before.

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

“We do it faster, we ship it better, we ship it closer, the cans are thinner,” he said.

NBC's Savannah Sellers pointed out that competitors in Arizona were charging higher prices and asked him why he didn't raise their prices and make more profit.

“We're successful. We're debt free. We own everything. Why? Why do people who are struggling to pay their rent have to pay more for our drinks?” he said. “Maybe this is my small way of giving back.”

When asked if he would ever raise prices, he replied that he could not say never, but at least not in the foreseeable future.

“We will fight as hard as we can for consumers because consumers are my friends,” Vultaggio said.