New Delhi, May 28 -- Prices of essential everyday consumer products are likely to rise further in the near term as companies continue to face inflationary pressure on raw materials, according to a report by Systematix Research.

The report stated that companies across categories have already increased product prices by 3-7 per cent on average over the last one to two months as raw material basket costs increased by around 8-10 per cent on average.

According to the report, further price hikes and grammage cuts are highly likely in food and beverage (F&B) as well as home and personal care (HPC) products as companies attempt to offset higher input costs.

It stated, "We believe further price hikes/ grammage cuts are highly likely near-term ...