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A man passes by the Ikea shop in Krakow, Poland. Photo: Jakub Porzycki/NurPhoto via Getty Images

Swedish furniture giant Ikea will raise its prices by an average of 9% across its global markets, Ingka Group, owner of most IKEA stores, announced in a press release Thursday.

Why it matters: The decision is yet another example of the effects of the pandemic's ongoing supply chain disruptions.

What they're saying: “During the pandemic, despite rising costs all around us, Ingka Group kept prices stable with the aim to keep prices as low as possible for customers,” Tolga Öncü, retail operations manager, said in the statement. “It was the right thing to do.”

  • “Unfortunately, now, for the first time since higher costs have begun to affect the global economy, we have to pass parts of those increased costs onto our customers,” Öncü added.

The big picture: Ikea's costs have been driven up by "significant transport and raw material constraints" and expects supply chain disruptions to continue into 2022, the statement notes.

  • Though prices will bump up by 9% on average, there will be local variations due to different inflationary pressures, such as area-specific supply chain and commodity issues, Ingka Group said.
  • Ikea had previously said that the supply chain disruptions had prompted it to lease more ships, buy containers, and re-route goods between warehouses to ameliorate disruptions, per Reuters.

Go deeper: Supply chain troubles aren't going anywhere

Go deeper

Inflation microcosm: Used-car price surge continues

Data: U.S. Bureau of Labor Statistics via FRED; Chart: Axios Visuals

Consumer Price Index data released Wednesday showed used-vehicle prices continue to surge. As of December, they were up 37% compared to the previous year.

Why it matters: Analysts have been watching used-vehicle prices as a microcosm of the broader U.S. inflation story, encompassing both the disarray of global supply chains and the surge in demand for goods.

Federal judge blocks Biden's vaccine mandate for federal workers

President Biden speaking from Eisenhower Executive Office Building on Jan. 21. Photo: Yuri Gripas/Abaca/Bloomberg via Getty Images

A federal judge in Texas blocked the Biden administration from enforcing its coronavirus vaccine mandate for federal workers on Friday, citing the outcome of last week's Supreme Court ruling that nullified the administration's vaccine-or-test requirement for large employers.

Why it matters: It's a blow to President Biden's efforts to increase the U.S.' vaccination rates, though much of the federal workforce has already been vaccinated against the virus.

Updated 4 hours ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Pfizer and Moderna boosters overwhelmingly prevent Omicron hospitalizations, CDC finds — Omicron pushes COVID deaths toward 2,000 per day — The pandemic-proof health care giant.
  2. Vaccines: The case for Operation Warp Speed 2.0 — Starbucks drops worker vaccine or test requirement after SCOTUS ruling — Kids' COVID vaccination rates are particularly low in rural America.
  3. Politics: Biden concedes U.S. should have done more testing — Arizona says it "will not be intimidated" by Biden on anti-mask school policies.
  4. World: American Airlines flight to London forced to turn around over mask dispute — WHO: COVID health emergency could end this year — Greece imposes vaccine mandate for people 60 and older — Austria approves COVID vaccine mandate for adults.
  5. Variant tracker