The burden of inflation is going to increase once again on the common citizens in the country. Let us tell you that all the big FMCG companies in the country have made preparations to increase the prices of everyday items due to the rise in the prices of commodities like wheat and palm oil. Due to the Russia-Ukraine war in the world, the prices of wheat, edible oil and crude have been increasing rapidly for the last few weeks.
HUL and Nestle hike prices: According to media reports, Hindustan Unilever Limited (HUL) has increased by 1.5 to 14 percent on different packs of brew coffee. Taj Mahal has increased the price of tea from 3.7 per cent to 5.8 per cent. In comparison, Nestle has increased the prices of Maggi, the country’s most popular noodle brand, by 9 to 16 per cent.
Talking to news agency PTI, Mayank Shah, senior products head of Parle, a biscuit maker in the country, said, “We are expecting 10-15 per cent hike in prices by the industry.” He said that the prices are fluctuating rapidly, so it is difficult to say how much the prices may increase.
He further said that the prices of palm oil had gone up to Rs 180 per liter in the past and now it has come down to Rs 200 per litre. Similarly, the price of crude oil had also reached $ 140 per barrel, which has now come to around $ 100 per barrel. On the increase in prices, he said that everyone is increasing the prices by 10 to 15 per cent while the cost has increased by much more.
Davar’s CFO Ankush Jain says that this is the second year in a row that inflation has remained at a high level. He said that due to inflationary pressure, the prices will increase, which will put pressure on the pockets of the consumers and will also reduce the demand. We are monitoring the situation closely and will increase prices marginally to ease inflationary pressures.