Royal Mail hikes price of stamps for second time in four months

Royal Mail is hiking the price of first and second class stamps again. The last rise was only in October last year The price of a first-class stamp will go up by 5p, bringing the cost to £1.70, the postal service has confirmed. Similarly, the cost of a second-class stamp will rise by 2p, moving from 85p to 87p.

Royal Mail say they carefully consider prices, balancing affordability with the increasing cost of delivering mail. Letter volumes have fallen from 20bn a year in 2004/5 to 6.7 billion in 2023/4, and could fall to 4bn a year within the next four years. Over the same period, the number of addresses has risen by four million meaning the cost of each delivery continues to rise.

Nick Landon, chief commercial officer at Royal Mail said: “We always consider price changes very carefully but the cost of delivering mail continues to increase. A complex and extensive network of trucks, planes and 85,000 posties is needed to ensure we can deliver across the country for just 87p.

“Ofcom has recognised that reform is urgently needed to protect the one-price-goes-anywhere Universal Service which requires Royal Mail to deliver letters to around 32 million UK addresses six days a week. Reform will allow continued investment in the modernisation and transformation of the business to provide a more financially sustainable service.”