The price of a first-class stamp increased by 10p to 95p from today (4) while second-class stamps have increased by 2p to 68p.
Stating that there had been a long-term decline in letter usage, coupled with rising inflation, Royal Mail said that letter volumes have fallen by more than 60 per cent since their peak in 2004/5 and by around 20 per cent since the start of the pandemic.
Nick Landon, the chief commercial officer at Royal Mail, said, “We understand that many companies and households are finding it hard in the current economic environment, and we will always keep our prices as affordable as possible.
“We need to carefully balance our pricing against declining letter volumes and increasing costs of delivering to a growing number of addresses six days a week.
“As customer needs change and we see a greater shift from letters to parcels, it is vital that the universal service adapts to stay relevant and sustainable.
“These price changes are necessary to ensure we can continue to maintain and invest in the one-price-goes-anywhere universal service for future generations.”
Stamp prices have more than doubled since 2010, when they cost 41p and 32p.
Reacting to the announcement, trade union Unite general secretary Sharon Graham said, “The Royal Mail boardroom is again raising prices while helping itself to massive profits. It is behaving like a short-term greedy speculator rather than the responsible owner of a key UK public service.
“With plans to slash 900 postal manager jobs and threats issued to Unite that collective bargaining agreements for our members will be ignored, Royal Mail’s owners are ruining this essential service. Ofgem has to get a grip because the universal service obligation is at serious risk.”
Royal Mail’s announcement comes as the postal giant announced that millions of its so-called “definitive” stamps featuring the portrait of the Queen will become worthless after January 2023.
