The company has also been hit with "extreme" supply shortages, especially the availability of materials used to manufacture publication inks including carbon black, gum rosin, vegetable oils and various pigments.

Destocking within the industry has also affected the business, along with plant closures and capacity reduction, which has necessitated the price increase as of 1 July. 

All heatset inks will increase by €0.25 (£0.22) per kg, while coldset inks (black and colour) will increase by €0.20 per kg. Sheetfed conventional inks will increase by 6%, apart from colours that contain V23 which will increase by 20%, while sheetfed founts will increase by 6%.

Felipe Mellado, chief marketing officer, Sun Chemical, said the company has not been able to completely offset "the drastic raw material price increases and global supply chain instability" that it has experienced.

He said: "This has necessitated another price increase. We're working closely with our customers to help them get the most out of their inks, and to develop new value oriented products and services that can help them grow their business despite this challenging marketplace."