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Relief From High Inflation In 2023: There is news of relief for you on the inflation front. In 2022, inflation had spoiled the budget of common people’s house. But in the new year 2023, a big relief is expected on the front of inflation. FMCG companies, who had increased the prices of their products in several phases in 2022, have now started reducing the prices of their products. In recent times, reduction in the prices of soap, toothpaste and biscuits has started.
Price cut from 2 to 20 percent
According to Fortune India, since September, MFCG companies have reduced the prices of their different products by 2 to 20 percent. Whereas in the previous one year, these companies had increased the prices due to increase in cost by 8 to 15 percent. In fact, in recent times, there has been a fall in the prices of crude oil in the international market, while the prices of palm oil and grains have also come down, the benefits of which have been passed on by FMCG companies to the customers.
Sales decreased due to expensive products
Another major reason for the fall in prices is the declining sales of FMCG companies. These companies had increased the prices desperately after increasing the cost. Then the prices of crude oil to palm oil were skyrocketing. The prices of grains had also increased. According to the report of Fortune India, compared to the first quarter of the financial year 2021-22, there was a decrease in the sales of FMCG companies due to increase in the prices of products in the first quarter of 2022-23 and the situation was similar in the second quarter. These companies had started reducing prices just before the festivals to increase sales. It is believed that the process of reduction in prices may continue in the new year as well. Along with further reduction in the prices of crude oil, there is a possibility of a fall in the prices of edible oil and wheat after the arrival of the new crop, due to which inflation is expected to come down.
companies reduced prices
According to an estimate, the largest FMCG company HUL has reduced the prices of soaps by 15%, while Godrej Consumer has also reduced the prices by 15%. HUL has reduced the prices of other products by 5 to 11 percent and Godrej Consumer by 13 to 20 percent. After HUL and Godrej Consumer, it is believed that other FMCG companies may also decide to reduce the prices.
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EMI will be cheaper!
Anyway, Finance Minister Nirmala Sitharaman has recently said that there may be a reduction in inflation in the new year, so RBI Governor Shaktikanta Das has also expressed the hope of reducing inflation. If there is a decrease in inflation, not only will things from food and drink to everyday use become cheaper, but your EMI can also become cheaper.
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