US-headquartered Merrill Lynch, which predicted the recent slide to below $50 a barrel, said in a report that the reduction of credit to consumers and corporations will impact heavily on the oil price, which will bring welcome relief to printers' raw material costs.

Oil is currently trading at a four-year low of around $44 a barrel, having dropped in value by 70% since July when barrel prices hit $147, prompting many to predict the "end of cheap oil".

It is hoped that raw material and fuel costs will also fall sharply in line with the oil price, however, many energy companies are yet to pass on the costs.

Inflationary concerns will also be relieved as oil falls enable interest rates to be kept at low levels.