We hoped that there would be some stabilization of the supply chain by the middle to end of Q1, but the industry continues to face supply chain and pricing challenges. We are continuing to see costs from all areas rise. Most importantly, there have been recent price increases on paper, film, adhesives, and ink from key suppliers. Most of the industry experts say that the supply chain challenges are likely to continue now through the first half of the year. We are working with our vendors to contain increases and ensure a consistent raw material supply.
As a result of these continued challenges, we find it necessary to implement an 8% price increase, effective with product shipments on or after March 1, 2022. We have provided the notices regarding our price increases from our suppliers here.
Thank you for your continued support and patience during these tough times.