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Royal Mail to hike stamp prices in April

Published 01/03/2024, 13:42
© Reuters.  Royal Mail to hike stamp prices in April
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Proactive Investors - Stamp prices will increase in April, with first-class stamps jumping by 10p to £1.35 and second-class stamps rising by the same amount to 85p.

In March last year, first-class stamps cost 95p, but Royal Mail (LON:IDSI) hiked the price to £1.10 in April 2023 before putting through another increase in October.

The loss-making delivery giant brings through the rises as it continues to suffer from increased costs and weaker demand for letters.

Last year, industry regulator Ofcom said there should be an inflation-linked cap until 2029 on the amount second-class stamps can increase by.

Nick Landon, chief commercial officer at Royal Mail, said: “We always consider price changes very carefully but we face a situation where letter volumes have reduced dramatically over recent years while costs have increased.

“It is no longer sustainable to maintain a network built for 20 billion letters when we are now only delivering seven billion.”

Read more on Proactive Investors UK

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