IKEA (Ingka Group) hikes prices as supply chain woes continue unabated
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08 January 2022, Mumbai:
Ingka Group said prices would go up around 9% on average across its markets, with local variations reflecting different inflationary pressures, including commodity and the supply chain issues.
“Unfortunately now, for the first time since higher costs have begun to affect the global economy, we have to pass parts of those increased costs onto our customers,” Retail Operations Manager Tolga Öncü said. cnbc.com
In the coming year it will pass some of these costs on to its outlets, which will be free to then charge customers more, the Reuters news agency reported.
Businesses have been struggling with supply chain problems as economies recover from the Covid pandemic.
The Swedish furniture giant saw record demand during the pandemic as people spent more time at home.
However, pre-tax profit at Ikea Group, which makes most of its money selling goods to its franchisees, fell 16% in the year to September to €1.7bn (£1.4bn). bbc.com
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