Price rises of between eight and 12% may soon come in as British furniture manufacturers battle an increase in the cost of raw materials, according to the British Furniture Manufacturers association (BFM).
The BFM reports a sharp reaction from elements of the furniture supply chain to currency fluctuations which have seen the pound down by c.12% against the dollar and c.8% against the euro within the month in which Brexit took place. This time last year the pound was trading over 16% higher against both currencies.
BFM MD Jackie Bazeley says: “Most raw materials are from overseas and therefore with the dollar/euro stronger against the pound there will be substantial increases.
A number of members have reported that they will need to increase their prices between eight to 12% to accommodate the raw material increases.
“The BFM recognises that this is a period of uncertainty for members, and will do all it can to support them through it."