Painting your home to get more expensive from tomorrow

Getting your house painted will cost extra from tomorrow with leading paint manufacturers set to hike prices between 5-10% across products. Battling cost inflation, paint companies including Asian Paints, Berger Paints and Indigo paints are set to increase the prices due to rising input costs. The hike, effective from Friday (November 12), will be the sharpest hike ever by the brands.

Industry leader Asian Paints will reportedly hike its product’s prices by 7-10%. The company’s price hikes have not gone beyond 3% annually in the last 20 years. Another market leader, Berger Paints, which had already increased priced by 6-7% in recent months, is set to hike prices across products by 10%. Indigo Paints, which is backed by Sequoia Capital, will hike its prices by 8-9%.

The paints of prices are witnessing a sharp hike globally. Akzo Nobel, which owns the paint brand Dulux has already hiked prices by 9% this year and see another 5-6% hike before 2021 ends.

Paint prices have witnessed a number of hikes in 2021 amid contracting margins for manufacturers. Companies are also struggling with issues in sourcing material and increasing logistical costs.

In a recent interview to a leading Business news channel, Indigo Paints MD Hemant Jalan mentioned, “One cannot predict the future course of the raw material prices would be. This time, the price increase that we are taking is more significant than what has been doing in the past.”

With leading paint companies set to increase prices from November 12, other manufacturers are expected to soon follow suit.