Fujifilm is set to raise the price of photographic papers by up to 20%, blaming the ?soaring costs? of raw materials such as silver.

The price hike, which will take effect in January, will range from 5-20% – the amount of the increase dependent on local markets.

In a statement the firm said: ?To sustain its photo imaging business Fujifilm has been undertaking intensive structural reforms to reduce fixed costs and improve productivity, and has been absorbing the increasing costs of raw materials used to manufacture photographic papers over the [past] few years.

?However, the recent soaring costs of such materials as silver mean that Fujifilm is no longer able to absorb these costs during the production process.?