New Delhi: Consumer durables firm LG Electronics India is increasing prices of its home appliances with immediate effect to offset impact of high input costs and weakening of rupee while its rival Samsung is currently studying the situation before taking any similar step.
LG home appliances that are available in the range of Rs 2,200 to Rs
1.7 lakh in the Indian market will be dearer by average of 5 percent.
"Due to continuous increase in input cost and rupee depreciation, it has become imperative for us to consider the price hike in India. The new prices will be applicable from November 1, 2011 onwards," LG Electronics India Managing Director Soon Kwon told media.
The impact of the price hike would be seen in all LG home appliances products, including washing machine, refrigerators
and microwave ovens, he said.
This is the second price hike announced by the company in just over a month. On September 27, 2011 LG had had hiked prices of its products including, front loading washing machines and microwave ovens, by upto 6 percent owing to rupee depreciation.
Rival Samsung had also increased prices of its home appliances by 1.5 percent last month citing high input costs and rupee depreciation were putting pressure. It is at present watching the situation.
"We are looking at the trend very closely. At present we are holding on to the price. We are studying the market situation. Commodity prices are definitely putting pressure," a Samsung spokesperson said.
Query sent to Sony remained unanswered.
First Published: Tuesday, November 01, 2011, 19:24