Business

Hi dear! From soap, biscuits to car and TV, know where your pocket will be cut in 2022

Hi dear! From soap, biscuits to car and TV, know where your pocket will be cut in 2022

Highlights

  • The year of 2022 has brought you new gifts of inflation.
  • From soap, oil to biscuits will have to pay more prices
  • Biscuit, cake, bread and eggs cost 8-15 percent in three weeks

If you have been worried about inflation in 2021, then strengthen your back. The year of 2022 has brought you new gifts of inflation. This year you will not be surprised and troubled by the inflation of only expensive things like cars and essential things like petrol. Rather, you will have to pay higher prices this time for everyday items like soap, oil to biscuits.

If you look at the early trends, all-round inflation is ready to attack you. In the coming times, all consumer goods are going to be hit by inflation of at least 3-5 percent. For example, take the daily essentials category. Basic packaged foods like biscuits, cakes, bread and eggs have become costlier by 8-15 per cent in the last three weeks. Fast moving consumer goods (FMCG) companies such as Britannia, ITC, Parle Products and Hindustan Unilever (HUL) attributed this to a steady rise in agri-commodity prices, rising cost of logistics and packaging material.

Britannia and Parle to increase prices

The country’s leading biscuit maker Britannia recently told investors that the company is planning to increase prices by 6 per cent. On the other hand leading biscuit maker Parle Products, which had increased prices by up to 10 per cent in March last year. The company is once again ready to increase the MRP by 5-10 per cent for packs priced at Rs 20 and above.

Prices will increase or packet will be smaller

The snake of inflation is going to bite the customers in two ways. On the one hand, companies making biscuits and other products are considering increasing the rates of MRP. On the other hand, efforts are being made to keep the prices stable by making the packet size smaller as well. Market experts believe that companies do not increase the price by adopting the second method. Due to which there is no direct impact on both customer sentiment and demand.

soap oil too expensive

Country’s largest non-tobacco FMCG company and leading soap and detergent maker HUL is increasing the prices of its popular soap and detergent brands like Lux, Dove, Lifebuoy, Rin and Surf Excel. The company is increasing the prices of Dove products by 12 percent. Lux’s 10 percent, while the Surf Excel bar will now cost consumers 20 percent more.

price rise on cars

Following in the footsteps of FMCG, automakers in the country are gearing up for another round of price hikes in January. Though revision of car prices in the new year is not uncommon, but this year the hike in prices is very high. Maruti Suzuki has increased the prices thrice in the last 12 months. Even after this, it is once again raising the prices. Along with this, luxury carmakers like Kia Motors, Mahindra & Mahindra, Honda, Tata Motors, Volkswagen and Toyota, Mercedes Benz, Audi and Volvo are set to increase the prices of their models by 1-3.5 percent. Car lovers will have to spend at least Rs 8,000 to Rs 60,000 more for entry and mid-segment passenger vehicles.

bike scooter too expensive

Hero MotoCorp has already announced a hike of Rs 2,000 on its entry-level models. While Royal Enfield bike maker Eicher Motors is increasing the prices of its popular models by Rs 3,000 to Rs 5,000.

Home Appliances & Electronics

When the pandemic hit in early 2020, supply disruptions, raw material shortages and rising transportation costs fueled prices of consumer electronics and durables. Even after two years, buyers are at a loss as manufacturers continue to hike prices of essential items such as refrigerators, washing machines, microwaves and television sets. Popular brands like LG, Panasonic, Johnson Controls-Hitachi and Super Plastronics have already started increasing the prices.

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