Inflation in India has risen since the Ukraine-Russia war and Indonesia's ban on palm oil exports. Food prices have skyrocketed. It is against this backdrop that due to the rising prices of raw materials, Britannia, the maker of the famous biscuit brand Good Day Biscuits, has started considering raising the prices of its products. This could make Britannia's products up to 10 percent more expensive.
In the last financial year, Britannia had increased the prices of its products by 10 per cent. According to Britannia, the company has no choice but to increase the price of its products due to rising raw material prices due to rising inflation.
Wheat, edible oil and sugar prices have risen sharply in recent days, according to LiveMint.com. This will force packaged food companies to raise the prices of their products, says Varun Berry, managing director of Britannia. The Russia-Ukraine war has pushed up wheat prices, and now a ban on Indonesian palm oil exports has made edible oil more expensive.
If inflation is still not controlled, the company can increase the price of its products by 10%. We are currently going through a very difficult time. We are reviewing the situation every month. We will try our best not to put too much burden on the customers. But the company administration says that if the prices of major commodities continue to rise, we will have to take tough decisions.