New Delhi: Prices for LED TV and appliances such as refrigerator, washing machines are expected to go up by around 10 per cent from January next year on account of rise in costs of key input materials like copper, aluminium and steel and increase in ocean and air freights charges.
Besides, prices of TV panels (Opencell) have also gone up by over two-folds due to short supply by the global vendors, while cost of plastic has also gone up due to rise in crude oil prices, said manufacturers.
Terming it as imminent and unavoidable, manufacturers such as LG, Panasonic and Thomson are going to increase the prices from January, however, Sony is still reviewing the situation and is yet to take a call on this.
“We expect the increase in commodity prices to impact our product pricing in near future. I anticipate the prices to go up by 6-7 per cent in January itself and may go up to 10-11 per cent towards end of FY Q1,” said Panasonic India President & CEO Manish Sharma.
LG Electronics India is also going to increase the price of a minimum of 7 to 8 per cent across its products in the appliances category from January 1 next year.
“From January, we are going to increase the price of 7-to 8 per cent on all products including TV, Washing Machine, refrigerator etc. There is an increase in raw material prices and metals as copper and aluminium. Moreover, crude oil prices have gone up, hence the cost of plastic materials have also gone up substantially,” said LG Electronics India VP-Home Appliances Vijay Babu.