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Tamil Nadu
‘Price hike has affected our savings plan’
S. Ramesh
— Photo: E. Lakshmi Narayanan
Coping with price rise : V. Murali and his family.
The rise in the prices of goods has significant impact on the families in the higher income groups also. Take the case of V. Murali, an entrepreneur in the computer hardware business in Salem. The price rise have mainly affected their savings and investment plans. As a result, the family has started cutting down expenses on a lot of things.
The spending for groceries, transportation and health had increased many folds in the recent past. A major share of the income now goes for buying provisions as the prices of several products have gone up. “We cannot cut down the spending for these items,” Mr. Murali points out. The family has cut down the travel expenses. “We are now occasionally using the car as the fuel prices and maintenance cost have gone up,” Mr. Murali says. The family has also begun spending less for entertainment.
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