Budget buster: Cars, TVs, ACs and more to get costlier from April

New Delhi (The Uttam Hindu): If you're planning to buy a new AC, TV, refrigerator, or car this summer, this may come as a shock. Starting April 1st, the prices of many essential items for everyday use are set to rise significantly. According to a report, rapidly rising raw material prices and increased transportation costs could lead to a 5 to 6 percent increase in the market for these goods. This means that starting next month, you'll have to spend a significant portion of your hard-earned money to bring home the items you need.

Rising costs of raw materials and freight have damaged the budget

The biggest reason behind companies' sudden price hikes is the rising cost of raw materials in the international and domestic markets. Plastics, resins, and polymers, used extensively in the electronics and automobile sectors, have seen a sudden surge in prices. Furthermore, international freight rates have also increased significantly, ranging from 7 to 10 percent. Clearly, when companies incur higher costs to manufacture and deliver products to market, they will pass these increased costs directly onto customers.

Along with luxury cars, ordinary vehicles will also fly

The automobile sector is also not going to be spared from this inflationary impact. Many major car manufacturers are seriously considering increasing the prices of their vehicles by 2 to 3 percent. Luxury car manufacturers like Mercedes-Benz and Audi have already officially announced that they will increase the prices of their cars by approximately 2 percent from April 1. Meanwhile, companies that make budget cars for the common man are also now in the final process of finalizing their new rates.

Inflation will hit electronic items, clothes and shoes

According to business reports, not only cars but also household electronics like TVs, refrigerators, and air conditioners (ACs), which have become essential in every household, are going to become more expensive. Since these products use plastic-based parts the most, companies may increase their prices by 5 to 6 percent. Furthermore, the prices of shoes, synthetic fiber clothing, and decorative paints used in homes may also see a sharp increase of 9 to 10 percent. On top of this, the nearly 2 percent weakening of the Indian rupee against the US dollar has also made imports more expensive, directly impacting companies' production costs and ultimately, consumers.