Toyota Kirloskar Motor, the manufacturer and seller of Toyota cars in India, is increasing the price of its entire portfolio by 3% starting this January.

Toyota Kirloskar Motor, which is a joint venture between the Japanese automaker and Kirloskar group, said it is raising prices after observing high input and freight costs, Toyota announced in a release.

"There has been an increase in the cost of manufacturing of vehicles. Frequent fluctuation in the global commodity prices and foreign exchange rates have continued to impact our input costs, from both domestic as well as import fronts,” according to a release.

Toyota said it had been absorbing the additional costs to protect customers from price increase.