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Royal Mail has said that the increase comes as the business faces “increasing cost pressures” and a “challenging economic environment”.
The delivery company has also blamed the lack of reform of the so-called universal service obligation (USO).
This reportedly forces Royal Mail to deliver letters six days a week to all 32 million addresses in the UK for the same price no matter where the letters are going.
How much is a first class stamp before the rise?
Before the price increase, the cost of a first class stamp is £1.10.
The postal service put up the price of its first-class stamps by 15p in April which is the first time the stamp would cost over £1.
When do first class stamps go up in price and how much will they be?
The new increase willl take place from Monday, October 2.
The cost of a first class stamp will increase by 15p again and its new price will be £1.25.
The latest increase means stamp prices have more than doubled since 2012 which was the year before Royal Mail was privatised.
Are second class stamp prices going up?
No, the cost of a second class stamp will remain unchanged.
Royal Mail has said the cost of a second-class stamp would stay at 75p which is below the European median of 94p.
Martin Lewis urges Brits to stock up on first class stamps
NEWS: First class stamp prices to rise 14% on 1 October, even more for large letters! Full info and what you can do about it here… https://t.co/FB7OFdRmDm
(and yes that does make a 1st class letter stamp £1.25)
— Martin Lewis (@MartinSLewis) September 4, 2023
Money Saving Expert Martin Lewis has urged Brits to stock up on first class stamps before the rise, he 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.”
“We understand the economic challenges that many of our customers are currently facing and have considered the price changes very carefully in light of the significant decline in letter volumes,” said Royal Mail chief commercial officer Nick Landon.
“Letter volumes have reduced dramatically over recent years, down more than 60% from their peak in 2004/5 and 30% since the pandemic. It is vital that the universal service adapts to reflect this new reality.”
