Many businesses, industries, and suppliers continue to feel the impact of global supply chain shortages, logistics capacity issues, transportation, and significant cost pressures on raw materials coupled with unfavorable foreign exchange rates. As a result of these factors, we are seeing supplier pricing increases from 7% up to 22% on particular lighting and accessory products.
As our customer commitment, Commercial Lighting Specialties has continued to hold the line on many of the products we carry, often increasing inventory levels to deflect the inevitability of these price increases. Unfortunately warehouses and pockets are only so big, so we are beginning to feel the impact from suppliers and will need to increase some of our prices accordingly.
We are committed to our partners and customers and will continue to invest in delivering innovative and cost-effective lighting solutions with impactful financial, environmental and social value for our stakeholders and society. We value your business and thank you for your continued support and patience as we both navigate through these dynamic times.
Thank you for your loyalty and support. If you have any questions with regard to pricing or any matter, please contact your CLS professional.