{"id":1179795,"date":"2022-01-02T09:49:25","date_gmt":"2022-01-02T14:49:25","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1179795"},"modified":"2022-01-02T09:49:28","modified_gmt":"2022-01-02T14:49:28","slug":"thanks-to-supply-chain-bottlenecks-ikea-to-hike-prices-by-9-this-year","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/thanks-to-supply-chain-bottlenecks-ikea-to-hike-prices-by-9-this-year\/","title":{"rendered":"Thanks To Supply Chain Bottlenecks, IKEA To Hike Prices By 9% This Year"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fthanks-to-supply-chain-bottlenecks-ikea-to-hike-prices-by-9-this-year%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1179795&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>As global supply chain problems persist, Swedish furniture maker IKEA plans to hike its prices.<\/p>\n<p><a href=\"https:\/\/www.cnn.com\/2021\/12\/31\/business\/ikea-price-increase\/index.html\">CNN Business<\/a> reported:<\/p>\n<p>Ikea said prices at its stores will increase by an average of 9% around the world to help offset significant transportation and raw material costs incurred by Ingka Group, which owns and operates most of Ikea stores worldwide.<\/p>\n<p>With its do-it-yourself philosophy embodied in its virtually staff-free showrooms to its flat-packed furniture, Ikea has become synonymous with low prices and value. Despite surging costs during the pandemic, Ikea stores had largely kept prices stable. But, as commodity and shipping prices continued to surge, the company said it was no longer able to absorb that damage to its bottom line.<\/p>\n<p>\u201cUnfortunately, 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,\u201d IKEA retail operations manager said in a statement, according to CNN Business. \u201cOur intention is to give back to the customer any decrease in purchase prices we get.\u201d<\/p>\n<p>Several industries in the United States are likewise pressed with cost pressures arising from the supply chain crisis. For instance, automakers are coping with a computer chip shortage. As a result, the Bureau of Labor Statistics\u2019 most recent inflation report <a href=\"https:\/\/www.dailywire.com\/news\/gas-up-58-meat-up-13-inside-the-newest-record-breaking-inflation-report\">indicated<\/a> that used and new vehicles \u2014 up 31.4% and 11.1% in price, respectively \u2014 are contributing heavily to inflationary pressures.<\/p>\n<p>However, Sen. Elizabeth Warren (D-MA) is arguing that \u201ccorporate greed\u201d is responsible for the surge in car prices.<\/p>\n<p>\u201cThis market concentration has reduced competition, allowing giant corporations to deliver massive returns for shareholders,\u201d Warren wrote in a letter to Commerce Secretary Gina Raimondo. \u201cBut it has harmed consumers by enabling these dominant companies to increase prices and underinvest in key capabilities, which has the effect of also reducing product innovation and product quality.\u201d<\/p>\n<p>\u201cThese semiconductor manufacturers are putting stock price, profits, and growth ahead of the needs of American consumers and workers,\u201d the lawmaker continued. \u201cAs the COVID-19 pandemic demonstrated, this behavior can lead to terrible consequences and shortages for our country.\u201d<\/p>\n<p>Warren has levied the same accusation against other industries. For instance, she <a href=\"https:\/\/www.dailywire.com\/news\/dismissing-inflation-concerns-warren-asks-the-doj-to-probe-poultry-companies-for-corporate-greed-in-raising-turkey-prices\">blamed<\/a> Tyson and other poultry companies of \u201cprice fixing,\u201d \u201cexcessive consolidation,\u201d and \u201cplain-old corporate greed\u201d as meat prices reached record highs before Thanksgiving.<\/p>\n<p>\u201cAs poultry companies report record profits, hand out executive pay raises, and spend billions on stock buybacks and dividends,\u201d she said in a letter to Assistant Attorney General Jonathan Kanter, \u201cI am requesting that the Antitrust Division of the Department of Justice (DOJ) examine how poultry companies\u2019 anticompetitive practices raise costs for American families and lower wages for American farmers \u2014 all while enriching poultry executives and shareholders.\u201d<\/p>\n<p>\u201cLack of competition in the poultry industry is allowing these massive companies to squeeze both American consumers and farmers to fuel record corporate profits and payouts to shareholders,\u201d she continued. \u201cWhen companies have monopoly power as massive suppliers, they can jack up prices of the goods they sell.\u201d<\/p>\n<p>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As global supply chain problems persist, Swedish furniture maker IKEA plans to hike its prices. CNN Business reported: Ikea said prices at its stores will increase by an average of 9% around the world to help offset significant transportation and raw material costs incurred by Ingka Group, which owns and operates most of Ikea stores &#8230;<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1179795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1179795","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1179795"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1179795\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1179795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1179795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1179795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}