Mumbai, November 27: Automobile manufacturer Toyota Kirloskar Motor on Tuesday said it will increase prices by up to four per cent effective January 1. According to the company, the decision to hike prices was taken amid rising manufacturing costs, which is also a general industry phenomenon.

"There has been an impact on the cost of manufacturing of vehicle primarily due to rupee depreciation. Toyota has been absorbing the additional costs all this while, protecting the customers from price increase," the company said in a statement. "However, due to the continued pressure of high costs, we have to pass on a part of it to customers." New Maruti Suzuki Ertiga 2018 Launched in India; Prices Start From Rs 7.44 Lakh.

(The above story first appeared on LatestLY on Nov 27, 2018 08:06 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).