Martin Lewis urges people to stock up on common household item before price hike in October

Martin Lewis has urged people to stock up on an everyday household item before a price hike in October. The cost of first class stamps is set to increase by 14 per cent, from £1.10 to at least £1.25, by October 2.

Meanwhile, first class stamps for large letters will increase from £1.60 to £1.95 – a rise of 22 per cent. Second class stamps for standard letters will remain 75p – but they will increase in price in April 2024.

Second class stamps for large letters will increase in price from £1.15 to £1.55 – an increase of 35 per cent. The MoneySavingExpert.com founder said: “For years, every time stamps go up in price I’ve suggested people stock up and bulk-buy in advance, as provided the stamp doesn’t have a price on it and instead just says the postage class, it’s still valid after the hike.

“This has been an effective tactic, as a first-class letter stamp is now £1.10, soon to be rising to £1.25 – in 2012 it was just 60p. So you may as well stock up now, even if it’s just for Christmas cards for the next few Christmases.”

Royal Mail has said that the price hike is due to the cost of living crisis. The company also cited universal service obligation, which requires that it delivers letters to all addresses in the UK for six out of seven days in the week, as a reason for the increase.