ACs, TVs & Washing Machines' Prices To Rise From October 1: All You Need To Know
· Free Press Journal
Leading appliance and consumer electronics makers will raise prices of air conditioners, LED TVs and washing machines from October 1. It is the industry's third round of price increases this year.
Visit esporist.com for more information.
Why prices are rising?
Multiple media reports said manufacturers are grappling with higher costs for copper, steel, aluminium and crude oil derivatives, along with rising freight charges, currency swings and turmoil in West Asia.
How much more you will pay
Air conditioner prices will rise 5-8 percent immediately. Several companies are also raising prices of washing machines, refrigerators and LED TVs by 3-4 percent, while others are still assessing the impact.
Blue Star, Godrej Appliances, Haier, Daikin and Super Plastronics (SPPL) have confirmed or already made increases of 4-10 percent, PTI said. Industry sources reportedly said LG and Bosch Home Comfort (Hitachi) have raised AC prices by about 5 percent.
Blue Star MD B Thiagarajan told PTI that costs are up about 15 percent from last year's festive period. However, GST benefits of around 10 percent will cut the net impact on buyers to roughly 5 percent.
Godrej's Kamal Nandi called another hike 'inevitable', saying input costs have risen 8-10 percent since the last revision. Because of pre-buying in August and September, stock bought at older rates should keep retail prices steady through Diwali, with new tags taking full effect afterwards, the report said.