Has the plunging pound pumped up Bridgestone tyre prices?

Oliver Gill
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A mechanic checks a Bridgestone tyre use
Bridgestone's European headquarters are in Zaventem, Belgium (Source: Getty)

First the cost of a holidays abroad, then a pot of Marmite. Now the price of tyres is on the rise.

One of Britain's best known automotive brands, Bridgestone, today said it would be increasing the price of its tyres.

Read more: #Marmitegate: Tesco boss warns suppliers against hiking prices

An extra three per cent would be slapped onto car tyres, while truck tyres would increase by an average of one per cent. The increase for lorries would be immediate while car tyre customers have a month before prices head north.

A Sauber crew member works on Bridgeston
(Source: Getty)

The tyre giant, which supplies the rubber for some of the world's leading motorsports teams, refused to be drawn on whether the price rises were as a result of sterling's slump during 2016.

Read more: Motorpoint is the first car dealer to reveal Brexit woes

However, automotive expert David Bailey said that as all the firm's tyres were manufactured outside of the UK, the pound's pounding would likely be squeezing profit margins and may have predicated the price hike.

Bridgestone's Laurent Dartoux, a senior vice president said:

Over the last years, the dealers selling our tyres have done an amazing job in explaining to the end user why the Bridgestone brands are the best option for them.

We are planning to keep enhancing the Bridgestone brand and product power while remaining competitive in the markets we serve.

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