(Ikea Korea) Ikea Korea is rolling out its latest round of permanent price cuts as inflation squeezes household budgets, sticking to the low-price philosophy at its core, the furniture giant said Thursday.The retailer is employing roughly 1.8 billion won ($1.3 million) to cut prices on 161 products by an average of 15 percent, targeting bestsellers in storage, mattresses, lighting and beds, even as inflation strains household budgets."Providing well-designed, functional and quality home furnishing products at low prices has long been an important part of the Ikea offer," a company official said. "Even as cost pressures from raw materials, logistics and other factors continue, we will keep improving operational efficiency and investing in lower prices."Ikea has trimmed prices on 1,664 products in Korea over the past four years, pouring roughly 14.6 billion won into reductions since fiscal 2024. Unlike promotional sales that expire, the company frames these as permanent cuts under what it calls its New Lower Price program.The idea dates back to founder Ingvar Kamprad, who believed everyone should be able to create a better life at home regardless of budget. That vision is imbued in Ikea's design principles, which treat form, function, quality, sustainability and price as inseparable.Ikea reverses the usual design process to hit that target, starting with an affordable price tag instead of building a product and pricing it afterward, then working backward to optimize materials and manufacturing.Standardizing screws and fittings across product lines cuts assembly costs, while high production volumes spread manufacturing costs thinner. The company's flat-pack packaging drives down shipping and storage costs by squeezing more inventory into less space, the company explained.For instance, the Billy bookcase switched from wood veneer to a paper-based foil in 2022, cutting raw material use and waste while improving scratch resistance and durability.Ikea Korea said it is also cutting prices on popular food items across its stores, and will roll out a low-cost breakfast for members of the retailer's free loyalty program.