This summer, consumers will have to pay more for household appliances, especially ACs and refrigerators, with the likes of Samsung, LG, Godrej, Electrolux, Carrier and Whirpool contemplating a 2-7 per cent price hike.
Despite flooding the market with energy efficient and innovative products to lure consumers, the unprecedented increase in steel prices have forced the companies to pass on the burden to customer, who is already shelling out more for essential commodities.
Samsung India Deputy MD R Zutshi told PTI that based on the input cost pressure linked with the hike in steel prices the company has already increased the prices of refrigerators by 2-3 per cent in March.
"We are also contemplating a price hike for our air conditioners," he added.
Similarly, Godrej - which had recently announced a 2-3 per cent increase in products with high steel content - would consider another round of hike after the season.
"If the government is unable to curb the present inflationary trend, we will have to take a re-look at the prices post summer," Godrej Appliances Sales and Marketing VP Kamal Nandi said.
LG Electronics India (LGEIL), which had re-worked its pricing in December last year, says the current inflationary trend was hitting the company's margins badly.
"We have not taken a decision yet as to when we will go for higher rates, but it will happen very soon. Air conditioners are expected to be 4-5 per cent costlier, while other ranges like refrigerators and washing machines will be higher by 3-5 per cent," LGEIL Sales and Marketing Director V Ramachandran said.