Yokohama Tire (Canada) Inc. has announced price increases on passenger car and light truck and commercial tires, as it continues to deal with rising costs of raw materials and labour.
Effective November 1, 2022, the general increase will affect the prices of all-season Passenger and Light Truck tire patterns, but not winter tires, and will also affect all Truck and Bus patterns, which will see a rise of up to 7%.
The percentage increase on Passenger and Light Truck tires is still being studied and a detailed price list highlighting all the changes will be released October 1, 2022.
“It’s evident that the economic challenges brought on by the COVID crisis are still sending shockwaves through all industries,” said Diana Colosimo, Brand Development Manager for Yokohama Tire (Canada) Inc. “These most recent price increases reflect the impact of volatile market dynamics that were unforeseeable in previous price-adjustments, most notably the continually rising costs of raw materials and energy.”
With an upward movement on interest rates as governments attempt to rein in rising inflation, global economic analysts are predicting that the global transportation and supply-chain crises will not soon settle, and economic challenges are expected to continue well into 2023.
Source: Yokohama Tire