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Automobile major Maruti Suzuki India on Thursday announced that it will hike prices of select models with effect from January 2022.

In a regulatory filing, the company attributed the decision to increase in input costs.

"Over the past year, the cost of company's vehicles continue to be adversely impacted due to increase in various input costs," the company said in a statement.

"Therefore, it has become imperative for the company to pass on some impact of the above additional costs to customers through a price hike."

As per the filing, the price rise has been planned in January 2022. "The increase shall vary for different models. On an average the material cost accounts for 70 per cent of our overall cost structure."

The company had earlier raised prices for different car models in January, April, July for CNG cars and Swift and in September.