Hindustan Unilever (HUL) has increased the prices of its soaps and detergents by 3-5 percent amid rising inflationary pressure as raw material cost surges, reported Cogencis on Thursday.
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HUL leads the soap market and has popular brands like Dove, Lux, Lifebuoy, Pears, Hamam, Lyril and Rexona.
The ongoing Russia-Ukraine war has affected sunflower oil, palm oil and soybean oil supplies, leading to a rise in their prices. Most soap-making companies including HUL use palm oil as a crucial ingredient for non-food consumer products such as soaps and shampoos.
The price hike in many daily essential items was expected given that companies were considering measures to offset the impact of unprecedented inflation in several commodities which only worsened due to the Ukraine-Russia tensions.
Dabur India Chief Financial Officer Ankush Jain had earlier said that inflation remained unabated and was the main cause of concern for the second year in a row for FMCG companies.
"We are closely watching the situation and will undertake calibrated price increases to mitigate the inflationary pressures," he told PTI.