Ikea ready to reduce prices in the wake of falling costs of some production factors

Ingka Group, a holding company wholly owned by the Stichting INGKA Foundation and which controls most IKEA stores, is planning further price cuts as some input costs decline. This was reported by Tolga Oncu, Ingka’s retail sales manager, interviewed by the Reuters agency. This is a reversal from the price hikes introduced last year to counter rising inflation. “We are optimistic about continuing to focus on bringing prices down where possible,” said Tolga Oncu.

The world‘s largest furniture retailer raised product prices in the fiscal year that ended last August to address rising raw material costs and supply chain disruptions. The decision to lower some prices follows inventories starting to fill up and supply chains recovering.