Kodak Becomes Latest Big Firm to Increase Prices
Eastman Kodak said Friday it will hike prices on some products by as much as 20 percent due to soaring prices of energy and raw materials such as silver and aluminum.
The news from the maker of digital cameras and imaging supplies was the biggest sign to date that corporate America is starting to respond to inflation by passing on the costs to customers.
Dow Chemical, the top U.S. chemical maker, said Wednesday it would raise prices on its products next month by as much as 20 percent because of higher energy costs.
Kodak said the price rises would take effect on a select range of its products around the world, but the company gave no specifics other than to say it could charge as much as 20 percent more.
"The increases are a result of the soaring prices of key raw materials, especially silver and aluminum, as well as the rising cost of petroleum," Kodak said in a statement.
Kodak said it expected the increases to take effect by July 1, and that they would be phased in by product group and geography over the coming weeks.