LG's air conditioners to become costlier from October 1
What's the story
LG has announced a price hike for its air conditioners in India, effective from October 1. The company will increase the prices by 5-7% ahead of the festive season. However, it has not disclosed any changes for its other products. Industry executives have indicated that rising material costs and inflation are affecting profit margins across the sector.
Market trend
Price hikes across consumer electronics and appliances
The announcement from LG Electronics India comes as several other consumer electronics and appliance makers have also announced price hikes.
These include for air conditioners, LED TVs, washing machines, and more. The price increases range from 5-8% effective October 1.
Industry executives have cited higher costs of raw materials such as copper, steel, aluminum, crude derivatives as well as currency volatility and rising freight expenses for these hikes.
Consumer impact