Cisco, Lenovo and others expected to follow suit
HP Inc will raise prices by 10 per cent
HP Inc has announced plans to increase UK prices by 10 per cent following the sharp drop in the value of sterling instigated by the UK vote to leave the European Union. The new prices will take effect from 1 August.
The move follows Dell's decision to hike prices last week.
HP Inc revealed in an email sent to partners and leaked to our sister site CRN that the 10 per cent increase follows "unprecedented" currency fluctuations.
"As you will be aware, we have seen an unprecedented weakening of the pound to US dollar exchange rate over the past few weeks," the email said.
"In order to maintain a sustainable and consistent approach to our operation in the UK and Ireland, we have taken the decision to make some adjustments to our channel-supported and directly-contracted end-user pricing strategy.
"Effective from 1 August we will implement an adjustment of circa 10 per cent across HP's Personal Systems portfolio.
"This applies to all HP commercial/business products in the HP Personal Systems category (core PC/laptop, value technology and mobility solutions). As always, you may freely determine your resale price to your customers."
Sources suggest that it won't be long before another big player, in this case Cisco, joins the club with a rumoured 14 per cent hike of its own products. Cisco has not yet commented on the speculation.
The Guardian reported that Lenovo is also considering raising prices, but there's no official word from the company yet.
The vast majority of the tech sector works in US dollars, so it's likely that we'll see an avalanche of tech assets rising in price over the coming weeks.
European phone company OnePlus was the first to announce price rises post-Brexit, blaming its thin profit margins on the decision to add £20 to the cost of its top-end model.
Several companies in recent weeks have declined to give us sterling prices for new products as they are announced in case the currency falls even further.