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UPM has said there is still a need to increase paper prices in order for market prices to reflect the increase in raw material and energy costs.

At a meeting last week, UPM's newly appointed UK general manager Will Oldham said the paper manufacturer had consistently been transparent with its costs.

He added: "Despite making continual fixed cost reductions, our total costs are increasing by around 2%. Market prices will need to reflect the increase in raw materials and energy."

He emphasised that UPM reviews its pricing and contracts with its customers on a regular basis.

"In percentage terms, our costs have risen by double figures and it would not be unreasonable to see our [price] increases reach a similar figure."