Announcement for a price hike

Good Day [name],

Due to the rising costs of production materials, we would like to inform you that we are increasing the price we charge for [product] from [current price] to [new price].

Please understand that we would do nothing to put a strain our good relationship with you. We wouldn’t implement this hike if it wasn’t absolutely necessary.

Thank you for doing business with us. We hope that this event would do nothing severe our long and fruitful partnership.

Many thanks,

[name/management]

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