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Friday, February 3, 2023

Consumer goods prices start dwindling

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There has finally been respite from high prices during the festive season. The rates of fast-moving consumer goods (FMCG) or the goods of daily use, have started reducing, and the beginning has been made with the prices of soaps. Hindustan Unilever and Godrej have reduced the prices of many brands by 15%.

From the last few months, the reduction of the prices of palm oil and other raw materials has impacted the FMCG products. Hindustan Unilever has reduced the prices of its brands Lifebuoy and Lux by 5-11%. The prices of soaps have been reduced 13-15% by Godrej. It is being anticipated that with the further reduction of prices of raw materials, rates of other goods will fall down as well.

20% of the palm oil imported into India is used in the soap-detergent industry, and in the last month, a 55% drop in the maximum price of palm oil has been recorded. This is why the prices of soaps dropped, and the companies decided that the benefit should reach the consumers. As per market experts, with Hindustan Unilever and Godrej, which are two of the top companies of the soap-detergent industry, having started reducing their prices, other companies in the market will be forced to reduce their prices due to competition.

It is a fact that for the last few months, a downfall in the sales of the companies selling commodities of daily use like soaps and oils, was being witnessed. As per research agency Bizom, due to the downfall of the sales of soap-detergents, the value of the FMCG industry dwindled by 9.6% in comparison to August. And while a growth of mere 1.1% was recorded in urban areas, a 14.3% reduction in the sales was recorded in rural areas. FMCG companies are now trying to revive their sales with the help of reduced prices.

Sonakshi Datta
Sonakshi Datta
Journalist who wants to cover the truth which others look the other way from.

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