Several reports suggested that Honda will hike the prices of its products in the month of January 2019. But there was no official word from the carmaker itself as it was planning to carry on with the same prices intact for an additional month. Now, however, the Indian arm of the Japanese carmaker has officially announced that from February 1, 2019, it will increase the prices of its products by up to Rs 10,000.

The company said that its recently launched CR-V SUV will receive the biggest bump in prices as they will be increased by Rs 10,000. The pricing for the CR-V currently ranges from Rs 28.15 lakh to Rs 32.75 lakh (ex-showroom Delhi). For the rest of the range, customers will have to pay an extra of up to Rs 7,000 from next month, depending on the model and variant chosen.

Here’s what Rajesh Goel, vice president and director of sales and marketing at Honda Cars India Ltd. (HCIL), said in an official release:

“There has been a huge pressure on costs owing to commodity prices & foreign exchange rates and we had been trying to hold this increase for as long as possible. However, we are now compelled to pass on a part of the increased costs to customers effective Feb 1.”

The last price hike that HCIL implemented was in the month of August last year. Back then, it increased the price tags of its products by up to Rs 35,000. Later this year, Honda will re-introduce the Civic sedan in India. Just like the CR-V, the Civic will also, for the first time in India, be sold with the option of a diesel engine. We might also receive a mid-life update for the WR-V, which was launch in March 2017, by the end of this year.