Ikea brand owner says prices are coming down as profits more than double

While Inter Ikea started lowering prices to its franchisees in the last four months of its financial year, it would take some time before customers in stores would feel the full effect of the decreases, Mr van Dam said.

The largest owner of the Ikea furniture brand, Inter Ikea, said prices are coming down as profits double and cost pressures ease.

Inter Ikea's annual profit more than doubled and it predicted more price reductions in the months ahead.