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Honda Malaysia has announced that it will increase the prices of its products by 2% to 3%, beginning January 2016. The reason, as you might have already figured, for said move can be attributed to the weakening ringgit. While exact figures and models affected have yet to be disclosed, Honda Malaysia has said that it will be “monitoring the exchange rate closely” and that it “will decide on the price in December 2015.”

“After weighing all possible options, a price increase is an inevitable step for Honda Malaysia in order to continue to continue offering high quality products and services to our customers. If the ringgit currency appreciates to the previous level, we would reevaluate the pricing structure once again,” commented MD and CEO of Honda Malaysia, Yoichiro Ueno.

“Since the introduction of Honda models with its current price, the ringgit has depreciated by 20%-30% against the US dollar. The drastic depreciation of the ringgit has caused a significant increase to the cost of imported parts and components,” added Ueno.

Earlier on, UMW Toyota Motor announced that it too will hike the prices of its products effective from January 2016 – an increase of around 4% to 16% has been mooted. Elsewhere, Mitsubishi Motors Malaysia also hinted at a similar move. On the plus side, Mercedes-Benz Malaysia has confirmed that it will aim to maintain the prices of its car through into 2016 – prices of its W205 C-Class models have also been slashed.