LG hikes prices of its monitors by upto 10 pc

NEW DELHI: Hit by rising input costs and stronger dollar, LG Electronics India on Monday said it will hike the prices of its monitors and optical storage devices (OSDs) by upto 10 per cent.

"The price hike will span across categories like monitors and OSDs, and the targeted price increase is around 7-10 per cent, consumer durable major LG said in a statement.

Prices of the LCD Monitors have been impacted by a combined effect of dollar appreciation, proportionate duty increase and the panel price increase, it added.

R Manikandan, business group head (Monitors and OSDs) said, "It has become imperative for us to consider price hike due to rise in exchange rate, which has gone up significantly in the last one month. From sub-40 range in the last week of April, the exchange rate has gone up to 42.5 as on May. This is about 7 per cent rise in exchange rate over the last one month period, resulting in increased costing, calling for increase in market prices."

As the dollar projections are looking stronger in the short run, the overall prices will go upwards steadily, the most vulnerable being the LCD, owing to the compounded effect, it added.