Nestle and HUL hike prices of products
After prices of most consumer goods surged across categories, Nestle is reportedly looking to hike the price of Maggi, a consumer favourite across the country by 9 to 16 per cent. Nestle India will reportedly also hike prices of milk and coffee powder.
Maggi Masala noodles will now be priced at Rs. 14 for the 70 grams up from Rs. 12. The price of 140 grams packet will rise by Rs. 3 or 12.5 per cent while 560 grams packet will be priced at Rs. 105, up from Rs. 96.
The Nestle A+milk 1 litre carton will now cost Rs. 78, up from Rs. 75 while Nestle classic coffee powder 25 grams pack which earlier cost Rs. 78 will now cost Rs. 80 and the 50 gram pack will cost Rs. 150, up from Rs. 145.
Apart from Nestle, Hindustan Unilever (HUL), another fast-moving consumer goods (FMCG) company has hiked prices across its tea and coffee powder ranges. The price of Bru will be hiked by three to seven per cent which will apply across packs and variants in the range.
Meanwhile, Taj Mahal tea prices have also been hiked by 3.7 per cent to 5.8 per cent across packs and variants. In addition, Brooke Bond 3 roses variants will now be costlier by 1.5 to 14 per cent across packs and variants.
HUL said that it was facing inflationary pressures on its products and was able to provide the right price value equation to consumers.
The rise in prices comes ahead of the release of the retail inflation data for February 2022.
The recent months saw drastic price hikes across segments and categories due to varied reasons including cost of raw materials, transportation costs, etc. The overall household budget has, in fact, gone up significantly in the last few months because of the soaring inflation.
