Ikea Spain raises prices in response to widely increased costs

by Lorraine Williamson

MADRID – Ikea has started raising the prices of certain products that the Swedish furniture giant sells in Spain. With this, the multinational is responding to the sharply increased costs. 

Sources at the Swedish company report that Ikea has had to adjust prices to pass on the increased costs. In this way, Ikea wants to both ensure the sustainability of the company and preserve its jobs. “Our intention to keep our prices as low as possible remains intact. Nevertheless, we are not immune to the macroeconomic developments that we are dealing with at both a national and international level,” the company wrote in a press statement. 

See also: Inflation rises again in May 

At the end of 2021, Ingka Group, the largest shareholder of the Ikea stores, announced that it wanted to increase the prices of the products by an average of 9% this year due to inflation in the markets where the furniture giant operates. 

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In the current context, the company continues to carefully monitor what is happening with freight transport costs, increased energy costs and inflationary pressures. In this way, the furniture chain wants to improve efficiency when decisions have to be made about prices. 

Accessibility as a fundamental pillar 

Ikea emphasizes that “being accessible” is a fundamental pillar of the company. “That is why we always continue to work on a competitive offer for as many people as possible”. The ambition is to keep more than half of the offer low-priced. 

Ikea isn’t the only one raising prices 

In recent months, several multinationals including Unilever, Procter & Gamble (P&G), Nestlé, Danone, Heineken, Coca-Cola, Pepsico and Primark and national companies such as Inditex or Deoleo have implemented or announced general price hikes. 

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