LG Hikes AC Prices by Up to 7% Ahead of Festive Season
LG Electronics India has announced an upcoming price hike for its air conditioners, effective from October 1. The company will increase prices by 5-7 per cent ahead of the festive season. This move comes as several consumer electronics and appliance makers are planning to hike prices across various products.
The price hike is attributed to higher costs of raw materials such as copper, steel, aluminum, and crude derivatives, along with currency volatility and rising freight expenses. Industry executives have expressed concerns about the impact on household budgets during the festive season.
Other companies like Blue Star, Godrej Appliances, Haier, Daikin, and Super Plastronics have also announced or confirmed price hikes across categories, ranging from 4-10 per cent. E-commerce giants Amazon and Flipkart are gearing up for their annual sale events, which may pose a risk on household budgets.