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.
“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.
– With PTI inputs.