The firm said the rises affect products across the board of heatset, coldset, sheetfed and packaging print sectors.

Despite releasing a statement highlighting significant price rises the firm has not announced any price increases for its products.

Its statement said: “Business managers are currently reviewing the most appropriate way to respond to these significant cost increase trends and will be in contact with customers on this matter in due course.”

In addition to increased prices for pigments and other ink ingredients, the firm highlighted the impact of rising oil prices on manufacturing and distribution costs. Another factor is tighter environmental regulation and enforcement.

“I believe we will see a longer period of increased inflation levels, driven by energy challenges, geopolitical issues causing potential trade barriers, increased sustainability costs and economic growth,” said Flint Group senior vice-president Jan Paul van der Velde.

However, even if rising costs do prompt price increases it wouldn't necessarily immediately impact printers, according to Grant Penfield, managing director of UK ink manufacturer and reseller Druckfarben.

“Ink manufacturers have struggled for years to pass on any price increases,” he said.

“Those rises never really stick as someone is always prepared to supply cheaper. It’s not the same as the paper mills who manage to impose increases.”

Although he does believe that prices generally will inevitably rise at some point.

Penfield highlighted overcapacity in the ink market as the reason why prices are at a historic low, adding that the UK had the lowest ink prices in Europe.

“The UK needs a rise in ink price, the market hasn’t recovered from the last round of currency fluctuations never mind this impact of raw material prices,” he said.