Local brewery Ölgerd Egils Skallagrímssonar will increase the price of its beer as of March 1, though it has not been revealed by how much. According to CEO Andri Thór Gudmundsson, the price increase is necessary to meet higher production costs.
“We are being bombarded with price increases on packaging and ingredients, like malt and hops. We have covered this increase in price ourselves, but now we have to raise the prices. The price also depends on the purchase price and our competitors,” Gudmundsson told 24 Stundir.
CEO of Vífilfell Árni Stefánsson, Egils’ main competitor, said the company has not decided yet whether the price of its beer will increase or not, though it is certainly possible. It depends on the price of ingredients and the exchange rate of the ISK, he said.
Danish brewery Carlsberg announced Tuesday that it is hiking its prices to produce beer due to the rising costs of ingredients. The company increased the price of its beer a few times last year.