STOCKHOLM—The owner of the IKEA furniture brand said on Wednesday it would raise prices due to supply chain challenges far into 2022, after it reported a drop in full-year profit due to higher transport and raw material costs. Despite record demand as people spend more time at home due to the pandemic, pretax profit at Inter IKEA Group—franchisor to store owners and in charge of supply—fell 16 percent in the 12 months through August to 1.71 billion euros ($1.98 billion). Compared with the pre-pandemic fiscal 2019, profit was down 4 percent. “The global pandemic affected our operating income in FY21. The biggest cause was the steep increase in transport and raw material prices in the second half of the financial year,” privately-held Inter IKEA said in its annual summary. The company, which makes money mainly from sales of goods to its franchisees, said in October retailers’ sales totaled a record …