You will need to make a decision as to how much of the increase you will build in to your pricing. You can pass all, part or none of the supplier increases on. But keep in mind that your company's bottom line is at stake. Also, track internal costs as well. Know when your direct labor costs increase and decide how you will factor those into your pricing.
Customers generally expect prices to increase reasonably over time.
You shouldn't feel that it's a win-lose situation with customers and suppliers winning and your business losing. In most cases, reasonable price increases on your part will have a nominal effect on sales.