Only eight months after its last price hike, HP has announced another 5% price increase on its ink and toner cartridges. This October 2022 price hike comes on the heels of 5% price increase implemented by HP in December 2021.
HP hikes ink and toner prices another 5%
Inflation has prompted a rise in consumer products across the board, including supplies for home and commercial printers. While the last HP price increase was blamed on supply chain issues, this price hike is a result of increased inflation on consumer products.
Last December, HP sent a letter to resellers explaining that supply chain issues had significantly impacted the cost of manufacturing and shipping office supplies. As a result, HP implemented a “price adjustment” on “select Printing Systems Hardware and Supplies” — i.e., HP printers, inks, and toner cartridges — on January 1, 2022.
A letter to HP resellers sent this month again targets prices on printers, inks, and toner cartridges.
While the exact amount of the current HP price increase is not mentioned in the letter to resellers, industry sources believe it will translate to at least a 5% price hike on HP’s most popular products.
Shipping delays and backlogs at ports prompted HP’s January 2022 price hike. This time around, inflation is to blame.
Price Increase Blamed On Global Inflation
This latest HP price increase is being blamed on global inflation, which impacts nearly every industry.The last HP price hike was associated with pandemic-related supply chain delays and workforce shortages.HP cited “increased demand, ongoing component and material shortages, and freight capacity challenges” as the main factors behind the price increase implemented earlier this year.
While remaining vague about its current “price adjustment,” HP assures resellers they are free to set their own resale price on genuine HP supplies.
A shortage of truck drivers is also impacted global supply shipments.
HP Stock On The Rise
HP company profits continue to rise. At HP’s quarterly financial meeting in October 2021, Chief Financial Officer Marie Myers announced a record 29% increase in the company’s annual stock dividend.
Myers stressed to shareholders that the company was committed to “aggressively returning capital to shareholders,” and is looking at high-margin products — like printing supplies and subscription services — to keep those profits flowing in.
HP’s focus has shifted from one-time printer sales to managed print services and ink and toner refill subscriptions, which are more profitable in the long run.
HP cited “increased demand, ongoing component and material shortages, and freight capacity challenges” as the main factors behind the January 2022 price increase. Inflation is being blamed for HP's October 2022 price hike.
How To Beat HP’s Price Increase
HP hiked prices on ink and toner cartridges 10% back in 2017, and hiked prices again in May of 2021, citing a shortage of computing chips.
A reputable HP reseller like Toner Buzz can save you money over HP subscription fees and price hikes. Toner Buzz is an independent retailer and not bound to any printer manufacturer’s price mandates.
We set our own prices and they’re the lowest around!
Shop around online and see for yourself. We beat any deals offered by printer manufacturers, online resellers, or big box office supply stores. Plus, we always offer FREE SHIPPING!
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