From April 1, you will have to shell out more from your pocket as products ranging from electronic appliances to automobiles to daily-use products will become costlier.Companies are blaming an increase in the cost of procuring raw materials to justify raising the price of their products.Here's a list of products will become more expensive from April 1:
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AutomobilesCars and bikes will become more expensive. Carmakers Maruti Suzuki, Hyundai, Renault, Nissan and Toyota have announced that they will realign the price of their vehicles to offset the substantial increase in input costs. Hero MotoCorp, the largest two-wheeler manufacturer in the world, too have made a similar announcement.
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TelevisionTelevision prices have been on the rise for a few months. TV set makers are blaming the increasing Open cell panel prices for the upward price revision for their products. As per reports, open-cell panel prices have shot up 35 per cent in global markets within a month. Considering that the open-cell panel is the most important component in your LED TV, expect a 5-7 per cent price hike.
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Air Conditioner and RefrigeratorSummers are going to be even more painful with AC and refrigerator makers likely to hike prices of their products by 4-6 per cent. That's because the makers of air conditioners, refrigerators, coolers, and fans are facing the heat due to the soaring Copper, aluminium and steel prices, and freight charges.
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MilkFrom April 1, the price of milk will go up to Rs 49 a litre. This is bound to have a cascading effect on the prices of other dairy products like cheese and curd. The farmers are blaming high fuel and operational costs for the price revision.
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Air TravelContemplating a vacation to escape the heat? Think again! The civil aviation ministry has announced an increase in the Airport Security Fee on air tickets for domestic aircraft by 5 per cent. From April 1, Aviation Security Fees for domestic aircraft will go up from Rs 160 to Rs 200. Similarly, for international aircraft, this fee will be revised from $5.2 to $12.
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Term InsuranceTerm insurance prices are expected to go up by 20 per cent. According to experts, reinsurers have been forced to increase their premium rates following a surge in claims in 2020 due to coronavirus as well as increased co-morbidities among individuals.
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MedicinesThe price of essential medicines will see a marginal increase from April 1 onwards thanks to a change in the annual Wholesale Price Index. The price hike will mostly impact diabetes, blood pressure and heart disease patients. The cost of medicated heart stents that clear blocks in blood vessels will go up by Rs 165, according to reports.
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