1. A method of compressing a block of multiple pixels into a compressed block representation, each pixel comprising a first color component and a second color component, said method comprising: calculating a first prediction of a first color component of a pixel in the block of multiple pixels based on a weighted combination of a first color component of a first and a second neighboring pixel, the first and second neighboring pixel being immediately adjacent to the pixel whose first prediction is currently being calculated; deriving a first prediction error based on the first prediction and the first color component of the pixel; calculating a second prediction of a second color component of the pixel based on a weighted combination of a first difference between the first and second color component of the first neighboring pixel and a second difference between the first and second color component of the second neighboring pixel; deriving a second prediction error based on the second prediction and the second color component of the pixel; encoding the first prediction error and the second prediction error; and including in the compressed block representation the encoded first prediction error and the encoded second prediction error as respective representations of the first and second color component of the pixel.