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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 per cent.
“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,” said Mr Soon Kwon, Managing Director, LG Electronics India.
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 per cent owing to rupee depreciation.
Rival Samsung had also increased prices of its home appliances by 1.5 per cent last month citing high input costs and rupee depreciation were putting pressure.
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