It seems almost everything now costs more than it did a short while ago, with price increases are commonplace across the board. According to the US Labor Department, prices rose 3.5% over the 12 months to March 2023, with a jump from 3.2% in February, with higher gas and housing costs accounting for more than half of the increase.
It’s most just consumers who are finding themselves being squeezed, though, as businesses are also having to shell out more for essentials, with data storage tape the latest product to suddenly become much more expensive.
Global tape vendor Fujifilm Corporation, has announced a startling hike in the prices of its various tape products, blaming the unexpected move on escalating raw material costs.
Huge increases
Effective starting from July 1, 2024, the price of Fujifilm's LTO Ultrium 9 Data Cartridges will see an increase of 15%. The corporation simultaneously announced that its older generation LTO-7 and LTO-8 products will also see a steep rise in prices. Set to take effect at the same time as the LTO Ultrium 9 price hike, the cost for older generation products will increase by a staggering 40%.
Fujifilm's significant price increases for all its tape products will have caught many businesses relying on the storage technology off balance. It could, however, serve as a cue for new storage startups to swoop in with competitive prices.
Despite the sizeable price hikes, Fujifilm says it remains committed to the development of tape technology and insists that “data tape continues to be the most cost-effective and energy-efficient storage solution available.”
