The British Furniture Manufacturers (BFM) has revealed that price rises of between eight and 12% may soon come in as the cost of raw materials increases for British furniture manufacturers.
According to the BFM, which represents the interests of the industry, there has been a sharp reaction from elements of the furniture supply chain to currency fluctuations.
This has seen the pound down by circa 12% against the dollar and circa 8% against the euro in less than one month. This time last year the pound was trading over 16% higher against both currencies.
Jackie Bazeley BFM managing director, said: “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.”