Maggi, Nescafe, Red Label, others daily items to cost more as HUL, Nestle hike prices

Mangalore Today News Network / News18

New Delhi, Mar 15, 2022: Hindustan Unilever Limited (HUL) and Nestle have announced an increase in the prices of products like tea, coffee, milk, and noodles. According to CNBC TV-18, HUL has increased the prices of Bru coffee powder by 3 to 7 per cent today on March 14. Bru gold coffee jars have been made costlier by three-four percent and Bru instant coffee pouches by 3 to 6.66 per cent. At the same time, the price of Taj Mahal tea has also been increased from 3.7 to 5.8 per cent.

 

The prices of different variants of Brooke Bond have been increased by 1.5 to 14 per cent. Announcing the increase in the prices of its products, HUL said that it is making its products expensive due to rising inflation.

Apart from this, Nestle India has also announced to increase the prices of its products. Nestle India has increased the prices of Maggi noodles by 9 to 16 per cent. Along with this, an increase in the prices of milk and coffee powder has also been announced. After the increase in prices, now the price of 70 grams of Maggi Masala noodles has increased from Rs 12 to Rs 14. At the same time, the price of Maggi Masala Noodles 140 grams has increased by Rs 3 or 12.5 per cent. Apart from this, the price of its 560 gram pack has increased by 9.4 per cent. That is, now you have to pay Rs 105 instead of Rs 96 for this.

Nestle has also increased the price of A milk 1-liter carton by 4 per cent and now you will have to pay Rs 3 more i.e. Rs 78 for this. The price of Nescafe Classic Coffee Powder has also been increased by three to seven per cent, while the price of Nescafe Classic 25 gm pack has increased by 2.5 per cent from Rs 78 to Rs 80. Along with this, the price of the Nescafe Classic 50 gm pack has also been increased by 3.4 per cent from Rs 145 to Rs 150.

For Indian consumers, the increase in edible oil prices and increasing prices of raw materials due to the uncertain geopolitical situation will hurt the household budget further, which has already been affected by broad inflation trending higher. India’s CPI inflation data for February is due later today. India’s headline inflation rate based on the Consumer Price Index (CPI) jumped to a seven-month high of 6.01 per cent in January 2022 and marginally crossed the Reserve Bank of India’s comfort zone of four-to-six per cent.

As a result, FMCG companies have been passing on higher raw material and packaging costs through price hikes. Amnish Aggarwal, Director - Institutional Equities at Prabhudas Lilladher, said: “Major Inputs like palm oil, coffee, milk, packaging, etc are on an upswing and margins were under pressure in Q3. The recent spike in all inputs has left no choice for companies but to increase prices to protect margins."