Prices of consumer durables will rise by twenty per cent

Mumbai, Ta. 24 December 2020, Thursday

Prices of consumer durables are likely to rise by 5 to 20 per cent in the coming days due to significant rise in prices of raw materials like steel, aluminum, copper and plastics. Prices will go up according to the products.

In addition to rising commodity prices, supply crunch could lead to a slump in consumer durables. The recent import restrictions imposed by the Government of India and the dispute over freight and delays in customs clearance at ports have affected the supply of imported goods.

The country imports an average of 30 to 5 per cent of the equipment used in consumer durables products, according to a report by a research firm.

The manufacturing units are also currently shutting down for the maintenance of the plant which is also causing shortage of goods. Corona has slowed down plant maintenance. The shortage of containers in the country has further aggravated the situation.

In the current year, steel prices have risen by 20 per cent since July. Even in copper, rising industrial demand is driving up prices. Prices of refrigerators, TVs, electronic products, washing machines and other household items are expected to rise by five to 20 per cent, the report said.

Some manufacturers are also unable to provide timely delivery of finished products, market sources said. The ongoing agitation by farmers in Punjab in Delhi has affected the supply of goods.