Royal Mail increases first and second-class stamp prices... by a penny

 
Emma Haslett
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Royal Mail Battles Against Proposed Price Capping For Stamps
First and second class stamp prices will increase by 1p (Source: Getty)

Brace yourselves: the Royal Mail has announced an increase to the price of stamps. It's hiking prices by... one penny.

That means a first-class stamp will cost 64p from March, while a second class stamp will cost 55p. The price of large letter (that's up to 100g) first and second class stamps will also rise 1p.

In a statement this morning the company said the changes were the "smallest possible increase", and "necessary to help ensure the sustainability to the Universal Postal Service".

It added that UK stamps were "among the best value in Europe".

"The European average for First Class letters up to 100g is 78p," it said.

"The UK First Class stamp price remains well below this. The European average for Second Class letters, up to 100g, is 64p; the UK Second Class stamp price remains well below this. The UK also has the highest quality specification of any major European country."

The news comes a year after the Royal Mail hiked prices by a penny, to 64p for a first-class stamp and 54p for a second-class stamp.

At the time, though, it cut the cost of sending a second-class parcel of less than 2kg by more than £1, to £3.11.

The company, which listed on the FTSE 100 in October 2013, has complained competition in the parcels market has hit volumes.

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