New Delhi: If you are planning to buy a TV, fridge, AC and all other types of home appliances, then you may need to hurry because consumer electronic products’ prices are all set to increase once again. The revised rates are likely to come into effect from mid-July this year.
According to a report by Motilal Oswal Financial Service, the prices of commodities have surged in 2021. The rise in commodity prices will lead to an increase in the prices of appliances.
TV, fridge, AC will be expensive by 10-15%
Motilal Oswal Financial Service report points out that the CoreCommodity CRB index in April 2021 surged by 70 per cent. The report claimed that its effect will be seen on the inflation of consumer durables.
With the rise in the prices of the commodities used in the manufacturing of consumer electronics, the price of many home appliances, including TV, fridge, AC, washing machine, water heater, are likely to increase by 10-15%.
Raw material prices rising steadily
Brands manufacturing consumer appliances had increased prices of their products in February due to the lack of some essential components and an increase in metal prices. The sales have now plummeted due to the ongoing lockdown.
Customers to bear the burden of inflation
The hindrance in the supply chain arriving in the summer season isn’t good news for brands as well as customers. The major reason is that consumer purchases most of the appliances like the fridge and air conditioner rise in the season. However, the increase in prices will lead to loss to brans.
Finished product imports cost more than before
Currently, importing a finished product has become expensive as the government has imposed a 20% import duty on importing the finished unit from other countries. Therefore, the prices of electronic items are expected to touch the skies in the coming months.