Honda hikes prices in US

Honda hikes prices in US

Honda announced a 1% price increase on all car and truck models sold in the US. The move comes as the Japanese automaker continues to grapple with soaring steel prices and a weak US dollar. Japanese automakers, who usually abstain from constant price increases, characteristically wait until they release new car models before it raises prices. For instance, Honda has characteristically waited until it releases new car models before it raises prices. Ford Motor had also announced a price increase around 1% in January, and other automakers seem likely to follow suit. Even with the price hikes, cars still remain relatively affordable due to the 2.6% quarterly increase in the US median family income for Q4.