Michelin hiking European prices

By Patrick Raleigh ERJ On-line news editor

Clermont Ferrand, France-Groupe Michelin in increasing prices across its entire line of passenger car and light truck tyres in Europe by an average of 3.5 percent. The increases, to take effect from 1 April, will range up to 5 percent, depending on country and product market, said a company statement. Michelin blamed the hikes on a sharp rise in the cost of its raw materials.