Ikea Cuts Prices as Inflation Squeezes Customers

Ikea, the flat-pack furniture giant, has started cutting prices after a year marked by soaring inflation and weak consumer sentiment in most of its markets.

“I think 2023 was the year where we turned the corner on prices and started lowering them again,” Chief Executive Officer Jon Abrahamsson Ring of Inter Ikea Group, the worldwide franchiser for the brand, said in an interview. The company is cutting prices across a range of products, including a 20% cut on the popular book shelf Billy, he added.