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Money Saving Expert guru, Martin Lewis, has issued a warning that an everyday item is set to rise in price, despite a recent rise in some products. The finance expert says there are just three weeks until the price hike.
The 51-year-old’s warning comes as First Class stamps are set to go up by 14 per cent for standard sized letters. On October 2, the price for this item will go up from £1.10 to £1.25.
There will be a bigger increase for First Class stamps for large letters. These are currently priced at £1.60 and from October 2, will cost £1.95. This is a 22 per cent rise.
MyLondon reports that Second Class stamps for standard letters will not see a price rise. These will remain priced at 75p – but the stamp price did recently rise in April.
There will still be a rise for Second Class stamps on large letters though. These will cost £1.55 in three weeks, going up 35 per cent from £1.15.
Mr Lewis, founder of MoneySavingExpert.com, 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.”
There will also be a rise in the cost of Royal Mail’s ‘signed for’ and ‘special delivery guaranteed‘ services. These will also rise on October 2, as well as its Parcelforce services ‘worldwide next day’ and ‘two day UK’.
Royal Mail says the price hike is due to the cost of living increases and the universal service obligation, which requires it to deliver letters to all UK addresses six days a week.
A spokesperson for Royal Mail said: “The cost of delivering an ever-decreasing number of letters to an ever-growing number of households six days a week is unsustainable.”
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