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Martin Lewis’ Money Saving Expert team has issued a warning about an imminent sharp rise in the cost of Royal Mail’s first-class stamps.
From Monday, October 7, just 30 days away, the price of a standard first-class stamp will soar by 30p, from £1.35 to £1.65a significant 22 per cent increase, reports The Express. This increase is in response to escalating cost pressures faced by Royal Mail, which has cited its legal obligation to deliver letters to every UK address six days a week, known as the “universal service obligation.”
Nick Landon, Royal Mail’s chief commercial officer, commented: “We always consider price increases very carefully.” He further explained: “However, when letter volumes have declined by two-thirds since their peak, the cost of delivering each letter inevitably increases.”
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The MSE team, spearheaded by consumer champion Martin Lewis, is advising customers to buy stamps before the hike takes effect. Stamps bought now will still be valid for use after the new prices are implemented.
With this change, first-class standard stamps will experience a 30p jump, and first-class large letters will see a 50p increase, from £2.10 to £2.60a 24% rise. Nevertheless, second-class stamp prices will not be affected.
A second-class standard letter will maintain its 85p cost, and a large second-class letter will stay at £1.55. These hikes follow a pattern, with the cost of first-class stamps having already increased by 14% in October 2023 and by another 8% in April 2024.
The recent price hike is expected to significantly impact consumers, especially considering the escalating cost of living in the UK. The alert from MSE coincided with Royal Mail’s announcement on Friday.
