India Consumer – Off the Shelf Price hikes broaden; innovation pivots to premium; commodities begin to correct

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India Consumer – Off the Shelf Price hikes broaden; innovation pivots to premium; commodities begin to correct

J P M O R G A N Asia Pacific Equity Research

15 June 2026

India Consumer – Off the Shelf

Price hikes broaden; innovation pivots to premium;

commodities begin to correct

Our price tracker for 450+ products across multiple FMCG categories indicates an Consumer, Retail, Media

ACaccelerated pace of price increases. Nearly low to mid single digit price hikes were Latika Chopra, CFA

noted across select SKUs for laundry, dish wash, soaps, body wash, skincare, hair oils (91-22) 6157-3584

(ex-coconut), household insecticides, shampoo, toothpaste, biscuits, cheese, tea latika.chopra@jpmorgan.com

(tactical), breakfast cereals, packaged juices, value-added noodles, jams, sauces and Himanshu Singh

edible oils. FMCG companies have initiated these pricing interventions to combat the (91-22) 6157-3610

lagged impact of inflation seen across crude and palm oil derivatives (though prices himanshu.x6.singh@jpmorgan.com

have softened over the past week). Innovation momentum has picked up, with Saransh S Gokhale

companies launching products aligned to premiumization amidst rising demand for (91-22) 6157 3578

saransh.gokhale@jpmchase.com

health-led propositions. For the summer season, we noticed more launches in J.P. Morgan India Private Limited, J.P. Morgan

beverages (including RTD, milkshakes, smoothies, etc.) and ice creams. Commodity Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

prices saw a correction with a de-escalation of the Middle East conflict, with a sharp

reduction in the crude oil price. Our preferred stocks include TATACONS, HUVR,

MRCO, GCPL, TTAN, PIDI and LGEL.

• Price hikes are becoming more widespread across categories.