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The price of a first-class stamp is to increase by 10p to 95p, the Royal Mail has announced.
Second class stamps will increase by 2p to 68p, with the new prices coming into effect on April 4.
Royal Mail said there has been a long-term decline in letter usage, coupled with rising inflation.
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Letter volumes have fallen by more than 60% since their peak in 2004/5 and by around 20% since the start of the pandemic.
Nick Landon, 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.
“Whilst the number of letters our postmen and women deliver has declined from around 20 billion a year to around seven billion since 2004/5, the number of addresses they have to deliver to has grown by around 3.5 million in the same period.
“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.”
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