System ID was notified by our suppliers that barcode label and tag prices will be increasing on April 1 due to the increase in raw material, energy, and transportation costs. They have been working to reduce overhead and improve efficiency, but it is to a point where they can no longer offset the cost increases.
In the past year, the cost of crude oil has doubled and the cost of platinum, which is a key ingredient in making silicone release liners, has increased by 60%. We can expect a 4-6% increase on the prices of paper labels and tags and a 6-8% increase on synthetic labels and tags, such as polyester, polypropylene, polyolefin, and polyimide.
Stock up on your supplies now to delay getting hit with these price increases. If you don’t have the storage space or extra room in the budget now, consider a blanket agreement. You’ll be locked into the lower price for the term of the agreement, System ID will store your supplies for you and ship them to you as you need them, and you only pay as the supplies are shipped.