Price Rise, Not A Good Way To Herald New Year; Check Which Items Will Get Dearer In 2021

Bhubaneswar: Consumers will feel a further strain on their wallets during grocery shopping trips and even while dining out in 2021.

Rising input costs are forcing companies across sectors – food, cement and FMCG – to increase prices. Its effect will be felt in grocery essentials, personal care products and packaged food.

Dabur, which hiked prices by 4 per cent, could go for another increase in the fourth quarter if inflation doesn’t abate, Dabur CEO Mohit Malhotra told the daily. Hindustan Unilever, Dabur, Britannia and Marico have already raised prices 5-12 per cent.

Small and large eateries, which are facing high inflation in edible oils, vegetables, and transportation costs, are also considering an increase in food prices.

Refrigerators, washing machines, and air-conditioners are expected to get dearer in 2021 with consumer electronic companies going for 6-10% from next month. The prices were already raised by 3-5% this month and this is the fourth round of price increase for white goods since December 2020, the Economics Times reported.

Brands like LG, Panasonic and Thomson have already announced price hikes from January while Sony is reviewing the situation and could announce a similar hike soon. “We are planning to increase prices in the fourth quarter (January-to-March quarter),” Pioneer India managing director Hideaki Ishii told THE WEEK.

All leading auto manufacturers – Maruti, Hyundai, Honda, Mahindra, Renault, Isuzu, and others including Hero MotoCorp and Tata Motors – have announced an increase in the price and cars, starting January 2021, blaming it on the same.

According to a report published in Business World, the price rise is expected across the portfolio of medium and heavy commercial vehicles (M&HCV), light commercial vehicles (LCV), small commercial vehicles (SCV), and buses.

Two-wheeler market leader Hero announced to increase prices by up to Rs 1,500 come new year day. Automaker Skoda Auto will also increase the price of its entire product range by up to 3 per cent from January 1, 2022.