By Alex Kapadia
Michelin has become the latest manufacturer to announce it will be raising its prices in the US in the new year.
The tyres manufacturer will increase the cost of its replacement consumer and commercial tyres from 1st February 2010.
The company, which last raised prices in the US on 1st September 2008, did not say what has brought on the announcement.
However, other tyre manufacturers, including Bridgestone, Goodyear and Hankook have also actioned price increases blaming higher raw material and energy costs.
The Michelin increases will range as follows:
* Passenger and light truck replacement tyre prices will increase on Michelin, BFGoodrich, Uniroyal, private and associate brand tyres. The price increase will vary by product line.
* Commercial truck tyre prices will increase by up to 7% on Michelin and BFGoodrich brand commercial truck replacement tyres. This price increase will also apply to Michelin Retread Technologies (MRT) retreads.
* Earthmover tyre prices will increase up to 4% on Michelin brand replacement tyres.
Bridgestone, Pirelli, Hankook, Toyo, Kumho, Yokohama, Continental and Nexen will all raise their prices from 1st January 2010, while Goodyear and Falken hiked theirs from 1st December 2009.