Ikea prices have soared by up to 80% amid surging raw material costs, says retail intelligence firm

Ikea has increased the prices of its furniture by up to 80% over the last year, research has found.

The Swedish retail giant has blamed “surging raw material and transport costs” as well as the war in Ukraine and inflation for the rise in prices.

The budget homeware retailer’s Jokkmokk dining table and four chairs set increased from £99 in 2021 to £179 in October 2022, an increase of 80%, according business intelligence site Retail Week.

The price of Ikea’s Glostad two-seat sofa was hiked from £90 in 2021 to £150 in October 2022, a 66% increase, as its Brimnes chest of four drawers rose 47% from £85 to £125.

Meanwhile its Fyresdal day-bed frame increased from £150 to £219 and its Slattum upholstered bed frame went from £129 to £189, both rising 46%.

“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,” an Ikea spokesperson told the publication.

“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.”

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

It said it had recently implemented new offers to support shoppers during the cost of living crisis through its Ikea Family loyalty scheme.