Firms rein in price hikes as costs cool

High costs of everyday goods have taken a toll on demand

 

Arange of businesses, from quick-service restaurants and apparel retailers to biscuit makA Aers and edible oil producers, are refraining from raising prices, with some even cutting them as commodity costs cool and high prices dampen demand, offering consumers respite from soaring inflation.

Packaged consumer goods company Marico Ltd, for example, cut prices of its Parachute coconut hair grooming oil portfolio and Saffola edible oils in the current quarter.

"The peak for 1 litre of Saffola oil was 230, which has come down to 170 in May," said Saugata Gupta, managing director and CEO of Marico, which has taken at least two price cuts on its edible oils portfolio in the past quarter in line with raw material price reductions.

Earlier this month, Mother Dairy too announced price cuts on its Dhara edible oil portfolio worth *15-20 per litre across variants on account of the reduced impact of international markets and ease in availability of the domestic crop.