Royal Mail will be increasing the price of first and second class stamps from the 23rd March.
The postal service said the changes were necessary in order to “maintain the quality” of the service in the UK.
First class stamps will rise by 6p, totalling 76p while the cost of a second class stamp will increase by 4p to 65p.
Stamp prices were last increased in March 2019, when first class increased to 70p and second class rose to 61p.
Managing director of letters at Royal Mail, Stephen Agar, said the firm considered the increase “very carefully.”
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He said: “We are operating in a tough market at present, under the threat of making a loss by 2021.
“These price increases will help us maintain the quality of service that is expected by our customers, while supporting the universal service.”
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Despite the increase, Royal Mail maintain the current stamp prices are “amongst the best value in Europe” compared to other postal operators.
The firm said its research found the average price of a stamp across Europe is around £1.05.
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The decision follows a rocky year for the postal service who faced its first walkout in decades last September.
Over 110,000 Royal Mail workers threatened to walk out on the giant during the busiest time of year.
Posties vowed to walk out over job security and employment terms and conditions, which raised concerns in the run-up to Christmas.
Members of the Communication Workers Union (CWU) backed action by 97% in a huge turnout of almost 76%.
- Royal Mail
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