The price of first and second class stamps in the UK is set to rise by 1p in March, Royal Mail has announced, just a year after the last increase.
From 30 March, a first class stamp will cost 63p while the price of a second class stamp will increase to 54p.
At the same time the cost of sending a large letter first class will go up by 2p to 95p, while sending the same letter second class will cost 1p more at 74p.
Royal Mail said it had “thought carefully about the impact on our customers and our own business” before making the decision, and that increases had been limited “to the lowest possible amount”.
In a statement it said: “We need to carefully balance our pricing against a backdrop of declining mail volumes to ensure we generate a reasonable commercial return to maintain, protect and invest in the universal service. Alongside this, we are continuing to transform our business and improve our efficiency.”
Royal Mail said despite the increase its stamp prices remained among the best value in Europe, with the average cost of first class letter across Europe at 72p and second class letters costing 62p to send.
Some consumers will be better off under other changes announced by Royal Mail. Also from 30 March, second class medium parcels weighing up to 2kg will cost £4.89 to post – a saving of up to £3.11 on the current rates, Royal Mail said.
In 2012, Royal Mail was given greater freedom to set its own prices, but the regulator Ofcom capped the cost of a second class stamp. The limit was set at 55p linked to inflation for seven years.
