The ink giant said that key raw materials for inks have risen "dramatically", in some cases by more than 30% over the past six months, while the weak euro has also increased pressure on producers.

Jens Zimmermann, director of global marketing, Flint Group Packaging & Narrow Web, said that, while the challenges in 2008 were clearly related to pricing of crude oil, the current challenges were quite different.

"The two key contributors are the major shortages of key raw materials on one side and ongoing base chemical cost increases on the other side," he explained.

"This has been driven by supply versus demand imbalances on the raw material markets caused by the economic revival, as well as a significant de-stocking of most raw material supply chains."

He added: "The cost increases have now proved too large for Flint Group and have forced us to adapt the prices for packaging inks in Europe."

Earlier this month, Flint said it would increase the price of its heatset, coldset, sheetfed inks and pressroom consumables as of 1 July.

The company said the rises were the result of raw material cost increases, which it said in some cases had risen by more than 50% in the past six months. It added that the short-term outlook offered "no sign of relief".