- The tax on shoes goes up in the New Year
- Prices of electronic products will also go up
Price increase in the New Year not only for shoes. Prices are rising for all major electronics products. The price of air conditioners and refrigerators is going up. Important
Manufacturers of consumer durables have all announced that they will increase the price of their products due to rising raw material costs. The prices of air conditioners and refrigerators have skyrocketed in the New Year. Household appliances such as washing machines are expected to see a five to 10 percent increase in prices in the coming months, according to reports.
Companies including Panasonic, LG and Hair have already announced price increases. Other manufacturers, such as Sony and Godrej Appliances, are expected to raise prices by March. According to the Consumer Electronics and Appliances Manufacturers Association, prices are expected to rise by 5% to 7% from January to March.
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Panasonic has already increased the price of air conditioners by up to 8%. The company is also considering further price hikes. The price of other home appliances may also go up. Prices may increase depending on the cost of goods and logistics. In the home appliance segment, LG has raised prices for its products.
Gurmeet Singh, Chairman and Managing Director, Johnson Controls-Hitachi Air Conditioning India, said that most brands will gradually increase their prices by up to 10 per cent by April due to rising costs of raw materials and tax hikes. From December last year to this year, the prices of these products have gone up by about six per cent to seven per cent. In addition to this is the New Year rate increase.