New Delhi: Consumer goods brands such as Hindustan Unilever Ltd (HUL) and ITC Ltd have increased the prices of select variants of soaps and detergents sold by the two companies in India. The reason behind the price increase is the increase in input cost.
For example, ITC has increased the prices of its two soaps Fiama de Villes and Vivel by 10-15 per cent. The company has increased the rates after a significant increase in input cost. “The overall industry has increased prices,” a company spokesperson told Mint.
“While the prices of select items have been revised, ITC’s focus is on effective cost management, premiumisation, conducive business mix and evaluation of all the ways to reduce cost and increase efficiency, to ensure that we do not get full burden. Do not put consumer,” the spokesperson told the daily.
On the other hand, according to a report by CNBC TV18, the price of HUL’s Wheels 1 kg pack of detergent powder has gone up by 3.4%. The price of the pack will reportedly increase by Rs. Apart from this, the company has also taken an initiative. Price hike on 500g pack of Wheels as well as Rin Detergent Bar and Lux Soap. Read also: This old 786 number note of 5 rupees can get you 2 lakh rupees, do this
Rising cost costs have forced companies to inflate the increased spending on customers. Rising fuel and palm oil prices as well as increased freight costs are forcing companies to increase the prices of their products to offset the impact of higher input costs on their balance sheets. Read also: PM-KISAN 10th installment on December 15: Is it necessary to link Aadhaar to get Rs 6,000 annual benefit? know here