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The price of first-class stamps will rise to £1.70 on 7 April – more than double the cost from five years ago, Royal Mail has announced.
It represents a rise of 5p on the current cost, while second-class stamps will increase by 2p to 87p.
A book of eight first-class stamps will set customers back £13.60 following a 30p increase. In 2020, the same book cost just £6.08.
In three years, Royal Mail has increased the price of a first-class stamp five times, and the reason for doing so this time was attributed to the increasing costs to deliver mail.
Nick Landon, chief commercial officer of the 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.”
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Landon added: “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.”
Previous hikes were blamed on the declining rate of letters being sent and the “urgent financial sustainability challenges” the service faces.
‘Yet another blow to consumers’
The latest price increases introduced next month are “yet another blow to consumers”, according to Tom MacInnes, director of policy at Citizens Advice.
MacInnes said: “While stamp prices continue to climb, millions of people face post delays every year.
“Royal Mail hasn’t met an annual delivery target for five years, but consumers will pay 124% more for a first-class stamp, and 34% more for a second-class stamp, than they did in 2020.”
As prices soar, the quality of service has dipped, according to the charity, with 10.7 million customers experiencing delays during the Christmas period.
This caused “serious consequences” for 3.4 million customers who missed vital documents, including health appointments, bills and correspondence from banks.
MacInnes added: “It’s unjust for Royal Mail to raise the price of a second-class stamp, while the regulator Ofcom looks at reducing second-class deliveries to alternate weekdays. And as first-class stamps are becoming unaffordable, people could be forced by price pressures into choosing a slower service.
“Ofcom needs to act fast – consumers have a right to an affordable service, but year-on-year, it’s allowing Royal Mail to charge more for a service that isn’t being delivered.”
