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Prices of clothes in India to go up in 2022

Nov 26, 2021
Prices of clothes in India to go up in 2022

India 

Prices of television, smartphones, air-conditioners and refrigerators are likely to increase by 5-6% by next month and another round of price hike is expected in January next year.

The rates of textile (including synthetic yarn, fabric, tent, blanket, accessories, rugs, etc.) have been increased to 12%.  The MSME (micro, small and medium enterprises) space will be largely affected. The fabric production in India is largely unorganised. The rise in the GST rate to 12% would hit the power loom and handloom workers. The economy was just getting back in shape, and it is distorted again.

 

This means that the finished products will also cost higher. The overall food consumption will rise if the cost of raw materials is higher. Now, this is not just the case with India, the other countries are suffering too. October data from the US reveals that it has registered the highest inflation rate in three decades. Meanwhile, Germany has a 4.5% inflation rate, Russia has over 7%, Brazil has over 10%, Turkey has 20% and Argentina at a whopping 50%.

If the international crude oil price doesn’t simmer, the inflation rate will tend to hover at high levels. If core inflation shoots up, the RBI will have to step in. So far, the central bank has remained supportive of the demands of a common man, it’s expected it will continue to do the same in the near future.


 Image Source: Google Images

Source: The Free Press Journal

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