Sigma confirms price rises

All products to go up on 1 February

29 January 2009 16:25 GMT / By Verity Burns

Sigma has announced it will increase its prices on all products on 1 February, blaming "currency fluctuations" for the hike.

The specific reason was the very weak pound compared to the "unusually strong yen" - a devaluation of around 40% - which has caused the company to increase its prices to reflect the current exchange rate between the two currencies.

Despite admitting a price increase during a recession is "counter-intuitive", Sigma has not even ruled out the chance of further increases in the future.

"We hope that the UK pound makes a recovery against foreign currencies however it is not altogether impossible that further price increases may be forced upon us all", read the press release.

Sigma has said however, that it has tried where possible to absorb the price rises itself and minimise extra expense to customers, and that it will continue to monitor the currency market so its prices reflect any international exchange rate movements.

One saving grace is that even though prices will increase on 1 February, you may be able to get Sigma products at their original price after this date if your retailer still has older stock left to sell.