Ikea to cut furniture prices as supply chain starts to ease

Ikea has promised to pass on cost savings to customers by cutting prices over the next year as pressures in its supply chain start to ease. The company said that it has a “clear intention” to reduce prices this financial year, ending next August. “Despite economic and geopolitical instabilities, we remain committed to making a positive difference in our customers’ lives; especially for those with the thinnest wallets,” said UK and Ireland chief executive Peter Jelkeby. “Knowing that our customers continue to navigate a cost-of-living crisis, we absorbed significant cost increases to mitigate price rises ...