Ikea has hiked furniture prices by up to 80% since last year, an investigation by Retail Week has found. 

Research by Retail Week found Ikea has raised prices on products such as the Jokkmokk dining table and chairs, which increased by 80% to £179 from £99 last year. 

The budget homeware giant blamed “surging raw material and transport costs” for the spike in prices, which comes as it posts a record 6.5% increase in retail sales, or 3.5% when measured for local currencies, to €44.6bn (£38.9bn) for the 52 weeks ending August 31, 2022.  

The budget furniture retailer faced customer complaints in December last year after a round of steep price rises, which it blamed on supply pressures due to Covid-19, and confirmed that another round of sharp price rises of up to 30% had taken place within the last few months.

A Glostad two-seater sofa was £90 and is now £150, an increase of over 60%, while a Brimnes chest of drawers increased 47%, from £85 to £125. 

A Vatneström super king mattress increased by 32% from £650 to £859, while bed frames Fyresdal and Slattum both spiked by 46% to £219 and £189 respectively, according to archived versions of Ikea’s website. 

ProductPrice 2021 (£)Price summer 2022 (£)Price October 2022 (£)2022 price increase (%)Total price increase (%)
Jokkmokk table and four chairs, antique stain 99 149 179 20% 80%
Tommaryd/Teodores table and four chairs, oak white/white, 130x70cm 208 269 289 7% 38%
Melltorp/Adde table and four chairs, white, 125cm 79 79 97 22% 22%
Malm chest of six drawers, white/mirror glass, 40x123cm 99 99 129 30% 30%
Hauga sideboard, white, 140x84cm 150 165 199 20% 32%
Brimnes chest of four drawers, white/frosted glass, 78x124cm 85 95 125 31% 47%
Fyresdal day-bed frame, black, 80x200cm 150 199 219 10% 46%
Slattum upholstered bed frame, Knisa light grey, Standard Double 129 179 189 5% 46%
Nordli bed frame with storage and headboard, white, 160x200cm 449 578 619 7% 37%
Landskrona three-seat sofa, Gunnared dark grey/wood 479 499 599 20% 25%
Ektorp three-seat sofa, Hallarp grey 350 450 499 10% 40%
Glostad two-seat sofa, Knisa dark grey 90 129 150 16% 66%
Vatneström standard super king 650 799 859 7% 32%

An Ikea spokesperson told Retail Week: “We offer a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible are able to afford them. This remains our focus today and in the future.

”However, we are not immune to the macro-economic developments that businesses, retailers and the public are currently facing, from the increased cost of materials and transportation to the war in Ukraine and inflation. It is critical that we are financially resilient for the long term, to ensure our longevity as a business and employer, and we have had to adjust our prices to reflect this increased cost base.

“Our approach during this period has sought to protect the prices of our most-loved and lowest-priced products and families.”

Ikea said prices continue to be a “key cornerstone” of the business and it intended to keep them as low as it can and reduce them when possible.

The retailer also said it had recently implemented new offers to support shoppers during the cost-of-living crisis on its Ikea Family loyalty scheme.  

In its annual results, the retailer said that, although sales had grown in the financial year 2022, volumes had not kept up and supply chain shortages had caused availability issues.  

Inter Ikea Group chief executive Jon Abrahamsson Ring said: “Ikea prices remained relatively stable for several years. That gave us an advantage when competitors raised prices early in the pandemic.

“Unfortunately, we can’t ignore surging raw material and transport costs. Long term, we remain committed to affordability for the many people around the world.”

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