Business
Sweet taste: Mithai prices likely to remain stable this festive season despite high inflation – Times of India
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Festive cheer: Top players in the sweets and namkeen market, including Bikanerwala, Bikaji Foods, and Haldiram’s, believe that traditional festive treats like ghee-enriched laddoos, spongy rasgulas, and besan burfis will remain budget-friendly despite increased prices of essential kitchen staples.
Manoj Verma, the Chief Operating Officer of Bikaji Foods International, was quoted by ET saying that prices are likely to remain consistent with last year, with minimal, if any, price hikes. This comes as a relief to consumers, given the overall rise in food inflation.
Some key ingredients crucial for traditional Indian sweets have seen a decrease in price compared to the previous year, helping to offset potential increases due to higher food inflation.
Although dry fruit prices have surged by 10-12%, palm oil, extensively used for deep frying during festivities, is more affordable this year. Additionally, milk prices have remained stable in the wholesale market, making related dairy products like mawa, chena, and ghee remain reasonably priced.
Sugar prices have experienced only a marginal increase, with a 3.63% uptick in wholesale prices compared to the previous year, according to data from the Ministry of Consumer Affairs.
According to the ET report, mithai manufacturers intend to absorb any minor cost increases, offering relief during the festive season, which began with Onam and Rakshabandhan in August and continues until Christmas in December.
Pankaj Agarwal, Chief Operating Officer at Group Bikano, Bikanervala Foods, affirmed their commitment to consumers by refraining from implementing any price hikes this year, despite industry challenges.
Yesterday, the Chief Economic Advisor V Anantha Nageswaran said that inflation is not a cause for worry as the central bank and the government work towards lowering it. The Consumer Price Index (CPI) inflation hit a 15-month high of 7.44 per cent in July 2023. This is much above the Reserve Bank of India’s comfort level of 2-6%. The Monetary Policy Committee (MPC) did not hike the repo rate in its last monetary policy meet, but the central bank is unlikely to bring down the key rate any time soon amidst inflationary pressures.
Manoj Verma, the Chief Operating Officer of Bikaji Foods International, was quoted by ET saying that prices are likely to remain consistent with last year, with minimal, if any, price hikes. This comes as a relief to consumers, given the overall rise in food inflation.
Some key ingredients crucial for traditional Indian sweets have seen a decrease in price compared to the previous year, helping to offset potential increases due to higher food inflation.
Although dry fruit prices have surged by 10-12%, palm oil, extensively used for deep frying during festivities, is more affordable this year. Additionally, milk prices have remained stable in the wholesale market, making related dairy products like mawa, chena, and ghee remain reasonably priced.
Sugar prices have experienced only a marginal increase, with a 3.63% uptick in wholesale prices compared to the previous year, according to data from the Ministry of Consumer Affairs.
According to the ET report, mithai manufacturers intend to absorb any minor cost increases, offering relief during the festive season, which began with Onam and Rakshabandhan in August and continues until Christmas in December.
Pankaj Agarwal, Chief Operating Officer at Group Bikano, Bikanervala Foods, affirmed their commitment to consumers by refraining from implementing any price hikes this year, despite industry challenges.
Yesterday, the Chief Economic Advisor V Anantha Nageswaran said that inflation is not a cause for worry as the central bank and the government work towards lowering it. The Consumer Price Index (CPI) inflation hit a 15-month high of 7.44 per cent in July 2023. This is much above the Reserve Bank of India’s comfort level of 2-6%. The Monetary Policy Committee (MPC) did not hike the repo rate in its last monetary policy meet, but the central bank is unlikely to bring down the key rate any time soon amidst inflationary pressures.
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