(Deepshikha Gautam, Intern Journalist) New Delhi: In the midst of the Corona crisis, inflation is going to be another hit on consumers. Consumers will have to pay a higher price in the coming days to buy daily used items like soap, edible oil, and packaged goods. Due to the rise in the price of raw materials, FMCG companies have decided to increase the price of their products. Some FMCG companies such as Marico and others have increased the price of their product. At the same time, companies like Dabur, Parle, and Patanjali are closely monitoring the situation. FMCG companies say they are assessing the impact of rising raw material prices on their products. However, he cannot postpone the long-term price hike. He will increase the price in the coming time. Parle Products Senior Category Head Mayank Shah said that we have seen a significant increase in the cost of raw materials and especially edible oil in the last three to four months. This is putting pressure on our margins and costs. However, as of now, we have not increased the price of any product, but we are closely monitoring it. If the Lagat continues to rise, we will also increase the price of our product.
Shah pointed out that edible oil is used in all products. So it will be four to five percent expensive. Dabur India CFO Lalit Malik said that in recent months, the price of major raw materials like amla and gold has seen an increase. We are also anticipating an increase in the price of major commodities going forward. Our effort will be to allow the impact of the increase in the price of raw materials to come at least on the price of our product. We plan to at least increase the price of our product. SK Tijarawala, the spokesperson of Haridwar-based Patanjali Ayurved, said that it has not been decided to increase the price of the product yet.
We are currently in the mood for weight and watch. However, if the price of raw materials continues to rise, then we will also decide to increase the price of our product. Marico, a company that sells edible oil of the Safola brand, said that it was difficult to stop the rise in edible oil due to the rise in the price of raw materials. So we are increasing the price.
Executive Vice President of Edelweiss Financial Services Abnesh Roy said that many major raw materials are growing rapidly such as palm oil, tea copra, edible oil etc. At the same time, Baja experts say that the prices of some selected products have increased by three to five percent in recent times. Soap, packaged rice, tea, etc. are the main ones. The prices of LED TVs, refrigerators, washing machines, and some other home appliances may rise by up to 10 percent due to the rise in the price of raw materials. The companies that make consumer durables announced it only in December last year. Manufacturers say that the prices of TV panels have increased by 200 percent due to reduced supply from global vendors, while plastic has also become expensive due to rising crude prices. Due to this, Panasonic India, LG, and Thomson decided to increase the price of their products from January.
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