The Inkey List is raising its prices from 1 January 2023 due to inflation, Covid-19 and the rising cost of materials.
Product prices will increase by £1 to £3.50 in the new year.
However, fan favourites such as Caffeine Eye Cream, Omega Water Cream and the SuperSolutions range will stay the same price.
The rising costs of materials, raw ingredients, energy, fuel, labour and packaging was cited as a key reason for the increase.
“[It] has impacted beauty brands globally, including us,” the British beauty brand said.
Inflation is another big factor, “set to reach nearly 13.2% this year,” it added.
“Globally, this is affecting both consumers and businesses.”
The company is also dealing with disrupted supply chains due to the prolonged lockdowns which took place during the pandemic.
“As global operations restarted, the demand for logistics services exceeded capacity, causing prices to rise and creating severe shipping delays,” said the company.
Breaking the news on its website, the beauty favourite said it promises “to always be transparent and honest” about any changes.
“The price changes will be kept to a minimum,” it said.
“Our products will always remain accessible, at fair prices.”
It also wanted to give customers plenty of time to stock up on their favourite products before the changes take effect.
How the ‘big squeeze’ is affecting beauty
Many cosmetics businesses are grappling with inflation and tightened budgets as the cost of living crisis rages on.
Unfortunately, this means that some ingredient suppliers are being forced to pass on price rises to their industry customers.
Speciality chemicals company Clariant announced in December 2021 that it was increasing its Industrial & Consumer Care portfolio in the EMEA between 25-35%.
The Swiss-based supply giant blamed the cost adjustments on price increases for essential raw materials and growth in both domestic and international freight costs.
Not to mention higher packaging prices and steeply rising energy costs.
BASF also announced price increases for its Care Chemicals portfolio worldwide in March 2022.
The chemicals giant said the adjustments were in response to continued surges in raw material, transport and energy costs.
This followed price hikes in BASF’s North America Care Chemicals products in November 2021.
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