Automobile major Tata Motors on Monday said it will hike the prices of its passenger vehicles from between Rs 5,000 and Rs 25,000 due to the impact of various macro-economic factors. The price increase will be effective from January 1. "The increase in prices of raw material commodities like steel, aluminium, copper and rubber over a period of time has put a lot of pressure on us and as a resultant we are forced to hike prices of our passenger vehicles," Mayank Pareek, President, Passenger Vehicle Business, Tata Motors, said in a statement. "We are seeing good demand for our cars and have witnessed month on month growth owing to Tiago. We are gearing up for our next launch of the Hexa in January 2017," added Pareek.