Tyre manufacturers have begun raising prices after the cost of rubber has spiked, according to the Financial Times.

The price of rubber has risen by around 40% since the beginning of the year.

Goodyear and Continental have reacted by announcing price increases ranging between 5% and 10%.

The newspaper said that the recent surge in rubber costs is due to weather-related disruptions in supply. Thailand, the top global exporter, has been hit by the most severe drought in ten years.

Demand also remains high, especially from fast-growing emerging markets such as China and India.