In India 23% Price Hike in One Year: ACs, TVs, and Fridges Set to Get Costlier from October 1

Festive Season Shock: Why Electronic Appliances Are Getting More Expensive, Electronics Prices to Rise Up to 8% Starting October 1

Reports say, this is the third time this year that the prices of these goods have increased. In terms of percentage, the amount of price hike in one year is nearly 23 percent.

In the festive season, prices of daily essentials including electronics are going to rise again. From coming October 1 itself, electronics goods manufacturing companies are going to increase the prices of their products up to 8 percent. On this price hike list are products like AC, LED TV, washing machine, and refrigerator. It is learned that due to the massive price hike of raw materials like copper, steel, aluminum, and crude oil in the international market, companies have taken this decision. Reports say, this is the third time this year that the prices of these goods have increased. In terms of percentage, the amount of price hike in one year is nearly 23 percent.

It is learned that among all the products whose prices are going to increase, air conditioners or ACs are at the top. The price of this house-cooling machine can increase by 5 to 8 percent. The price of products like washing machines, fridges, and LED TVs can increase by 3-4 percent. Companies like Blue Star, Godrej Appliances, Haier, Daikin, and Super Plastronics have confirmed the price hike of 4-10 percent. LG and Bosch Home Comfort (Hitachi) have increased their AC prices up to 5 percent. On the other hand, Panasonic is reviewing the matter of increasing their product prices.

Haier India President N. S. Satish said, “In the last one year, the price of copper has increased from 8,000-9,000 dollars per metric ton to 14,500 dollars. An AC requires 3 to 4 kilograms of copper. Consequently, there is no option other than increasing the price. As a result of which, we have decided to increase the price of ACs by 5 percent from coming October 1.”

However, even though prices are increased from October, this price hike will not have a special effect on sales during the festive season. Because, most dealers and distributors have stocked products in advance for August and September. They still have about one and a half months of old stock with them. As a result of which, customers will be able to buy electronic goods at the old price until Diwali. It is estimated that after Diwali, the new prices will become fully effective.