Car tires have been increased several times and will continue to increase in the next few months.
According to information from the North Malaysia Tire Association, new tires have gone up several times in the past year, with increases of about 10 percent so far. The price of new tires will increase by another 3 to 5% in the next one to two months.
As many tire manufacturers were unable to resume work and production during the epidemic, this led to a shortage of tires. Supply chain issues and rising freight costs are also contributing to the spike in new tire prices. Chinese tires may also be affected by power restrictions and production cuts, which in turn leads to a shortage of supplies.
In addition to tires, black oil, wheel frames and cold air liquid cooling are also increasing in price. If you’re planning to replace your tires or warranty your car, perhaps now is the best time to do so, as new tires and auto parts will see another wave of price increases in a few months.
Now that the world is caught in an inflationary spiral, the U.S. Federal Reserve will raise interest rates as soon as next March to curb inflation. Our national bank may also be forced to raise interest rates in the second quarter due to inflation.
