In India, prices of various food items such as cooking oil, coffee powder, tea powder and noodles have gone up sharply. This has led to a significant increase in the monthly budget expenditure of the common man.
The country’s retail price inflation has risen to a level not seen in the last 8 months. Inflation, which stood at 6 per cent in February, has now risen to 7 per cent, the central government said. Similarly, headline inflation rose to 13.11 per cent. Consumer goods companies have raised the prices of food products made from raw materials, including wheat and palm oil, by up to 10 per cent due to rising prices. Supply chain disruptions due to the Ukraine-Russia war are said to have caused the price of cooking oil to rise significantly.
Already, private companies like Hindustan Unilever and Nestle India have raised the prices of their products by 10 to 16 per cent. In particular, the prices of Nestle’s Maggi noodles, including powder and coffee powder, have been raised by 4 per cent to 16 per cent. BRU Coffee, a product of Hindustan Unilever, has increased the price of its ingredients, including Brooke Bond tea, by 3 to 14 per cent.
Mayank Shah, a senior executive at Barley, said the company plans to raise the prices of its products in the coming months as input costs rise due to rising inflation. Similarly, Anushka Jain, Finance Officer, Dabur India, said that they are monitoring the rise in inflation and are likely to raise the prices of their corporate products accordingly. This has come as a huge blow to the monthly budgets of the poor and middle class.
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