Sumitomo Will Hike Consumer Tire Prices Next Month

Sumitomo Rubber North America Inc. (SRNA) will increase prices of its Falken, Ohtsu and private brand passenger and light truck tires sold in the United States, Canada and Caribbean up to 8%, effective Jan. 1.

Inline adjustments will be implemented on a per-size basis, according to SRNA officials.

“Several factors have driven the need for this price increase, including increased costs in both transportation and labor (and) raw materials – in addition to other market factors.”