Ahead of the festive season, consumer electronics companies have started giving the common man a price shock. Not only in the country but the world’s largest electronics manufacturer, LG Electronics has increased the prices of air conditioners in India. The new prices will be effective from October 1. According to the information provided by the company, the prices will increase by 5 to 7 percent.

Earlier on Sunday, there was news that all the major companies of the country are going to increase the prices of their products. Among which the name of LG has come up first. Announcements from other companies are expected soon. After this decision, the shares of the company are trading in the green mark. That too when Sensex is trading down over 1000 points and Nifty is trading down over 370 points. Let us also tell you what kind of announcement is made by LG.

LG will make AC expensive

LG Electronics India on Monday announced a 5 to 7 percent hike in air conditioner prices from October 1 ahead of the upcoming festive season. The company said that currently the company has not taken any decision to change the prices of any other products. LG Electronics India offers a wide range of consumer goods and consumer electronics including refrigerators, washing machines, air conditioners and TVs. The company has not given any fundamental reason behind this price hike.

LG Electronics’ announcement comes at a time when several consumer electronics and durables makers have announced a 5-8 percent hike in prices of air conditioners, LED TVs, washing machines and other products from October 1. Higher prices of copper, steel, aluminum and crude derivatives as well as currency volatility and limits increase. Industry officials were quoted by PTI on Sunday.

A few other companies have also announced

According to the report, AC prices are expected to increase by 5-8 percent, while some consumer durables manufacturers are planning to hike prices of washing machines, refrigerators and LED TVs by 3-4 percent, while some companies are still assessing the impact of higher input costs before taking a final decision.

Blue Star, Godrej Appliances, Haier, Daikin and Super Plastronics have announced or confirmed price hikes of 4-10% across categories. E-commerce giants Amazon and Flipkart have announced the dates of annual sales events – Amazon Great Indian Festival and Flipkart Big Billion Days. As consumers prepare for the festive rush, the latest price hike could pose a threat to household budgets.