(FOX BUSINESS) – IKEA furniture is about to get more expensive as the Swedish retailer's parent company, Inter IKEA Group, expects to raise prices far into fiscal year 2022.
According to Inter IKEA Group's financial summary for fiscal year 2021, the company has struggled to keep its warehouses and stores stocked amid a "steep increase" in raw material costs driven by transport and labor shortages. Inter IKEA Group noted that it spent 250 million euros to mitigate its supply chain disruptions during fiscal year 2021.
"As many other retailers, we have challenges with availability and supply, impacted by the global shipping disruptions. We are continuously working to improve the availability of our products," an IKEA spokesperson told FOX Business in a statement. "We have and we will put a lot of effort to keep our prices as stable as we possibly can – yet it’s hard to predict how the global disturbances might impact in the coming months."
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