Consumers may bear the brunt of more expensive products as manufacturing companies plan to raise rates in another round of price increases. Companies have had to resort to price rise multiple times in the past year, and it doesn’t look like the trend is going away anytime soon, input costs continuing their ascent.
Here are some of the products that are going to cost more in 2022
FMCG manufacturers like Hindustan Unilever, ITC, Brittania and Parle have all stated that they will be increasing the prices of their products like Parle G, Krackjack, Good Day, Tiger and Milk Bikis biscuits. The increase has been triggered by the soaring prices of palm oil, other edible oils, sugar and wheat.
Shampoos, soaps and other hygiene products
Due to the significant rise in the cost of the key material, palm fatty acid distillate, cost of fuel, labour and other inputs have all led to the price hikes seen last year in a range of products from brands like Dove, Lux, Fiama and more. Further increases are expected in this year as well.
Faced with high inflation in edible oils, vegetables, and transportation costs, small and large eateries are considering raising food prices. At the same time, GST clarification on food ordering services like Zomato and Swiggy may make ordering food more expensive as well.
Manufacturers of white goods such as air conditioners, washing machines, televisions and refrigerators, had hiked prices three times the past year. But with rising commodity costs and transportation costs, further hikes are expected soon.
The increasing price of steel and coking coal have led automobile manufacturers to hike their prices throughout the past year. But without any respite on the horizon for the steel prices, automobile manufacturers are already stating that they will be increasing their prices once more quite soon.