Brexit has already inspired a cut into consumers’ wallets.
Due to the “significant change on the U.S. Dollar to [British pound] exchange rate,” home sound system maker Sonos will hike the price of its products starting Feb. 23, the company wrote in a Monday blog post.
“Our prices are defined regionally. In the U.K., this includes local taxation and import duties, but we pay for everything we make in U.S. dollars,” the Santa Barbara, Calif-based company said. “We have to increase prices for all products priced in [British pound].“
As a result, the price of Sonos’ PLAY: 1 will rise 18% in terms of the pound, while the PLAY: 3 will rise 15%. Its CONNECT: AMP and BOOST products will increase by a sizable 25% to £499 and £99, respectively.
Sonos isn’t the first company to raise prices due to Brexit. The U.K. version of Apple’s App Store hiked prices by more than 25% recently on the weakening pound.
The value of the dollar has risen close to 19% against the pound since June 23, the day of the Brexit referendum.