Nestle, HUL hike prices for major products; Maggi, coffee, tea to cost more
Maggi price hike: After an increase in prices of milk and several other consumer goods across categories, rates of Nestle' Maggi have been increased. Customers' 'favourite' Maggi noodles will now cost more as Nestle India is raising the prices by 9 to 16 percent.
Apart from Maggi, Nestle India has also hiked the price of its milk and coffee powder.
With the latest price hike, the Maggi Masala noodles 70 gm will now cost Rs 14, Rs 2 more from earlier Rs 12. The price of Maggi Masala Noodles 140 gm has been hiked by Rs 3 or 12.5 per cent, while the 560 gm pack will be costlier by 9.4 percent and will be sold at Rs 105 instead of Rs 96.
Nestle A milk 1 litre cartons would cost 4% more, jumping to Rs 78 from Rs 75. The price of Nescafe classic coffee powder has been hiked by 3-7 percent, bringing the price of a 25 gm pack of Nescafe classic to Rs 80 from Rs 78. The price of a 50 gm pack of Nescafe classic has been increased by 3.4 percent to Rs 150 from Rs 145.
Meanwhile, another FMCG behemoth HUL (Hindustan Unilever) has also raised prices on its tea and coffee powder products. The company's Bru coffee will be 3-7 percent more costly and this will apply to all packs and varieties in the range. The price of Taj Mahal tea has been hiked by 3.7-5.8% across all packs and variants.
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Furthermore, Brooke Bond 3 roses variants are now 1.5-14 percent more costly across packs and variants. According to CNBC TV-18, HUL stated that it was facing inflationary pressures on its products and was able to provide the right price-value equation to consumers when announcing the rate hikes on its items.
These price hikes occur ahead of the retail inflation data for February 2022 is released.
Prices have risen dramatically in recent months across all segments and categories for a variety of reasons, including raw material costs, transportation expenses, and so on. Because of rising inflation, the average household budget has increased dramatically in recent months.
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-PTC News
