Hyundai Motor India on Monday jacked up prices of a variant of mid-size car Accent by 11,640 after a steep increase in steel prices raised input costs.

The price of Accent GVS has been raised by two per cent to Rs 582,000 (ex-showroom, Delhi), a company statement said.

Prices of other Accent versions would be hiked soon, it said.

Hyundai Motor India, the country's second-biggest carmaker, will also announce a price increase on compact car Santro.

Spiralling input costs, especially steel has put pressure on margins of almost all automakers.

While utility vehicle maker Mahindra and Mahindra has already hiked prices, others including car market leader Maruti, have announced their plans to increase prices.

Accent has been badly impacted by increasing steel costs as it has relatively high import content while Santro is largely indigenised.