A method, apparatus and computer program product are provided for compressing data in a manner that decorrelates a plurality of components of multicomponent data and then encodes data relating to decorrelation of the components. The components may be decorrelated by organizing samples of a component into classes based upon values of samples having corresponding spatial locations in at least one preceding component. In this regard, the organization of samples of a component into classes may include defining classes based upon values of the samples in at least one preceding component. In addition, the method may also define classes based upon the slope of the samples in at least two preceding component.