Prices of Home Appliances Including TV, AC And Fridge May Increase By 5%
New Delhi, 12th May 2022: The Indian Rupee has hit a record low against the dollar. According to industry experts, by the end of this month or from June next month, the prices of home appliances and consumer electronics items like television, washing machine and refrigerator ie fridge may increase by 3 to 5 percent.
According to industry sources, there has been a tremendous increase in manufacturing costs due to the weakening of the rupee and rising inflation. Companies are forced to pass this on to the customers.
Due to the strict lockdown imposed due to increasing cases of Covid-19 in China, many ships are standing at Shanghai port.
In such a situation, the problem of shortage of parts has increased and the pressure on the stock of the manufacturers has increased. Many such products which are heavily dependent on imports are missing from the market.
The Consumer Electronics and Equipment Manufacturers Association (Siema) said the depreciation of the rupee against the US dollar has added to the problems for the industry.
Eric Breganza, president of Siema, said, “With raw material prices already rising and now the US dollar is strengthening, the rupee weakens, so all manufacturers expect minimal profit. From June onwards, prices will increase by three to five per cent. Some AC manufacturers have increased the prices in May itself, others will increase the prices by the end of this month or in June.”
Chief Executive Officer (CEO) Panasonic India and South Asia Manish Sharma said, “The last time the price hike was done was in January 2022. However, due to rising commodity prices, prices of various products can be increased by four to five per cent.”
Haier Appliances India President Satish NS said, “AC and flat-panel TVs will have a big impact, while refrigerators will have less impact.”
