New Delhi: Parle Products, one of the leading fast-moving consumer goods (FMCG) companies in India, has announced a hike in the prices of its popular products such as Parle G, Hide & Seek and KrackJack.
A company official reportedly said that the prices of biscuits have been increased in the range of 5 to 10 per cent. The major reason behind the increase in the prices is due to a substantial rise in the price of prices of raw materials, such as sugar, wheat and edible oil.
Besides biscuits, the company has also increased the prices by 7-8 per cent in the rusk and cake segments. The price of popular glucose biscuit Parle G is now up by 6-7 per cent.
"We have taken a 5-10 per cent price hike," Parle Products Senior Category Head Mayank Shah told PTI. However, the increase in the prices of biscuits will only reflect in packs above Rs 20.
“The company has increased the prices of biscuits and other products above Rs 20 and has reduced the grammage of below it to retain the attractive price points, Mayank shah added.
Notably, this is the first price hike introduced by Parle in the ongoing financial year. The last increase in the prices had come in the January-March 2021 quarter. Leading food company Parle Products has increased the prices between 5 and 10 per cent across categories as the input cost has gone up substantially after the rise in prices of raw materials, such as sugar, wheat and edible oil, said a company official.
In the biscuit segment, Parle, which owns popular brands such as Parle G, Hide & Seek and KrackJack, has increased the prices by 5-10 per cent and 7-8 per cent in the rusk and cake segments, respectively.
The price of its most popular glucose biscuit Parle G is now up by 6-7 per cent.
"We have taken a 5-10 per cent price hike," Parle Products Senior Category Head Mayank Shah told PTI.
The company has increased the prices of biscuits and other products above Rs 20 and has reduced the grammage of below it to retain the attractive price points, he added.
This is the first hike by Parle in this fiscal. Earlier, in the January-March 2021 quarter also, the company had gone for a price hike.
"This is after considering the inflationary pressure on the input cost that we are facing. Most of the companies are facing it," he said.
The company is facing inflationary pressure as prices of input materials such as edible oil have gone up by 50-60 per cent compared to last year, he said.
"If we look at wheat and sugar, both are up by 8-10 per cent compared to last year," Shah added.
Earlier this month, rival firm Britannia Industries said it is witnessing "unprecedented inflation" in market prices of palm oil, industrial fuel and packaging materials and had also initiated necessary price increases across the portfolio.
Several FMCG companies operating in the food space are facing the inflationary trend in commodity prices along with increased transportation changes due to an increase in fossil fuels prices.
Most of them have revised the prices by passing on most of it to the consumers to retain the margin levels.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.) Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Comments
There are no comments for this story
Be the first to respond and start the conversation.