India’s automaker Tata Motors will raise prices for its commercial vehicles by a range of 2.5 percent effective Jan. 1, 2022, the company said in its filing with the Bombay Stock Exchange on Monday.

Tata Motors, with an annual revenue of 34 billion U.S. dollars, attributed the price rise to the increase in the prices of commodities such as steel, aluminium and other precious metals, in addition to higher costs of other raw materials that incited this price hike in commercial vehicles.

The price hike will be for all variants and segments of Tata Motors, including medium and heavy commercial vehicles, intermedia and light commercial vehicles, small commercial vehicles and bus.

Last week, India’s car manufacturer Maruti Suzuki said it would raise prices across its various models to overcome rising input costs effective from January 2022.

Auto analysts have been expecting prices to rise and are cautiously monitoring purchasing power due to fuel price hike leading to stress in vehicle demand.