New Delhi: Following in the footsteps of rival FMCG brands, HUL (Hindustan Unilever Limited) has decided to increase the rates of various cleaning and personal care products in its range. The rate of products selling under the brands such as Lux Soap, Surf Excel, and Rin, among others, will be increased by the FMCG manufacturer.
HUL had hiked the prices of Lifebuoy and Dove soaps by about 6% and 4%, respectively, in February 2022. According to a Kotak Institutional Equities (KIE) report, the company also increased the prices of facewash across brands by up to 9%. The prices of other products such as Vim bar and liquid and a few products under the Surf Excel brand were also increased.
Also, in March 2022, HUL decided to increase the rates of Bru coffee powder by up to 7%, while Bru gold coffee jars got costly by up to 4%. On the other hand, the price of Bru instant coffee pouches was increased by up to 6.66 per cent.
HUL told CNBC-TV18 that the company is facing inflationary pressures and is confident in navigating the inflationary environment. Prior to HUL, several other FMCG brands such as Dabur, Nestle, and Godrej Consumer Products (GCPL), among others, increased the prices of the products in their line-up.
Why daily use products are getting expensive?
The ongoing Russian-Ukraine war is one of the major reasons behind the price hike of daily use products. The ongoing war has led to an increase in the price of raw materials, pressuring FMCG companies to pass on the rising input costs to consumers. Also Read: Last day today for PPF, Sukanya Samriddhi scheme subscribers to deposit minimum balance
Prices of products such as sunflower oil, palm oil and soybean oil have been impacted due to the ongoing war. These products are used as raw materials in the manufacturing of several other products like soap and detergents. Also Read: Realme C31 with 5000 mAh battery launched in India: Price, specs, features
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