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Will our art retail prices increase in the current economic climate?

Will our art retail prices increase in the current economic climate?

Cost of goods and services and cost of fuel have increased in far North Queensland and Australia wide. As of 18 March 2022, the cost of diesel in Lockhart River was $2.05 compared to $2.29 at Shell Coles Express Service Station on Mulgrave Road Cairns, 900 kilometres south of Lockhart River. Unleaded. Unleaded ULP 91 in Lockhart River was at $2.15 per litre compared to Shell Coles Express Service Station on Mulgrave Road Cairns $2.10. There are price point variables for both fuel types with an underlying point being that price inconsistencies will have a net effect on how customers and consumers spend out of pocket. Will these fuel prices remain steady? No, they won't primarily be due to supply and demand, prices change every week. Across general cost of goods and services, gradual increases have been applied at retail price point offload to customers. 

The big question. Will Lockhart River Arts Centre apply a price increase on its current retail price points? The answer is no. Art prices will remain unchanged. It's a difficult decision to make but to increase the price due to the current economic climate will be harmful for the long-term stability of price stabilization. The Arts Centre has lay buy option and now exploring After Pay solutions if can be included on the arts centre's online shop platform. 

 Written by: Enoch Perazim, Chief Executive Officer

 

Sat 02 Apr 2022