Federal to Raise Prices

(Akron/Tire Review) Federal Tire Corp. announced it would increase prices by 5 per cent to 8 per cent across its full line of tyres, effective 1 April.

The increase applies to Federal and Hero branded tyres and results from “rocketing prices of raw materials such as natural rubber, carbon black and other petroleum products and higher transportation costs,” the company stated in a release.

“The present price increase does not fully reflect Federal’s increase in cost, and Federal is doing its best to absorb as much of it as possible,” the tyremaker added. “Presently, we do not foresee any decrease in raw material costs and will continue to closely monitor these costs to determine if any further price adjustments are necessary.”