Toyota Kirloskar Motor is all set to hike the prices of its flagship vehicle, Innova Crysta, from August 1. The Japanese carmaker announced in a statement on Thursday saying the jump in price is forced by rising in production costs. Toyota stated that the price of the Innova Crysta multi-purpose vehicle (MPV) will be increased by up to two percent with effect from next month. The new prices will be displayed on its official sites, effective from August 1, the automaker said in a statement.

Let us tell you that Toyota currently offers the Innova Crysta MPV in India in as many as 18 variants. The starting price for this flagship Toyota MPV is ₹16.52 lakh for the base 2.7-litre GX 7-seater petrol variant and goes up to ₹24.59 lakh for the top-spec 2.4-litre diesel ZX 7-seater with automatic transmission. The carmaker has decided to hike prices to partly offset the effect of high costs but has been kept in check acknowledging the impact on customers. "As a customer-centric company, we remain committed to cater to the ever-evolving needs and requirements of our customers by consciously minimizing the impact of rising costs on consumers," Toyota said in the statement.

Toyota is not just a carmaker to announce price hikes on its vehicles. On Wednesday, Tata Motors also stated that it is likely to increase the price of its cars across the entire fleet next week. This will be the third price hike on Tata cars since the beginning of the year. The reason behind the price rise remains common. The same reason forced India's largest carmaker Maruti Suzuki India to hike the prices of some of its cars, like the Swift and CNG variants of other models, by up to ₹15,000 earlier this month. Honda Cars too have announced a price hike for all its cars in India from next month in an effort to minimise the effect of an increase in commodity prices.

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