New Delhi: The country’s largest carmaker Maruti Suzuki on Monday announced a hike in the prices of its cars effective January, 2024 citing increased cost pressure.

“The company has planned to increase the prices of its cars in January, 2024 on account of increased cost pressure driven by overall inflation and increased commodity prices,” Maruti Suzuki said in a regulatory filing.

The company’s popular car models in the country include WagonR, Ignis, Swift, Dzire and Baleno.

Maruti Suzuki said that the price increase from the beginning next year will vary across models.

“While the company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market,” it said.

As per industry estimate, domestic prices of certain metals have gone compared to international prices in the recent past.

With Maruti Suzuki being the market leader in the Indian car market, other manufacturers may also consider raising prices of their models. On the back of pent-up demand, rising income and strong economic growth, most Indian car makers have registered growth in domestic sales in the post-pandemic times.

Maruti Suzuki shares traded 0.23% higher at Rs 10,518.10 apiece on the BSE today afternoon.