Independent lens maker Sigma has become the latest photography firm to announce price increases, mainly as a result of ‘currency fluctuations’.

The increases will take effect from 1 February and are likely to average close to 40%.

The extent of the price rises will vary from product to product but will reflect the ‘40%’ devaluation of the pound against the Japanese yen, according to a spokesman for Sigma Imaging (UK) Ltd.

In a statement the firm said: ‘It’s a very long time since prices in the photo/imaging market increased. Cameras and lenses fell in price until they offered incredibly good value for money.

‘In times of recession it seems counter-intuitive for prices to rise but that’s exactly what is about to happen…’

Sigma added that, wherever possible, it will keep price rises to a minimum and that it may be possible to buy lenses from retailers at the original prices, while stocks last.

Earlier today Canon announced a second wave of price rises, following its price hike earlier this month.

NEWS UPDATE: Sigma lens price soars by £8,000