Actually 2% increase is more than 2%, lets look at this 3 tier effect on the price of a product.
Lets quote an example, a product cost $100
1. cost of product
cost of manufacturing(2%) + utilities(up) + rental(up) + GST(2%) + transport(up) = more than 2% of $100
2. Lets look at the supply network
raw materials(+2%) + manufacturer (+2%) + distributor (+2%) + retailer (+2%) = CONSUMER = more than 2% of $100
3. Rounding up of figures
plus there is no more 1cent, so every level of the supply chain than to round up the figures, e.g, $15.56 = $15.60 or $16.
CONCLUSION: ITS NOT JUST 2% IF U FACTOR IN ALL THE COST AND CHAINS!!!!
p.s. if u observe commodities, raw material prices worldwide have been rising, like steel and cotton due to China's insurging market.
p.s. our dear govt has raise the electrical, water, gas , transport cost.
p.s. our dear govt is gonna implement 7% GST