Households using Royal Mail’s postal service will see above-inflation stamp price increases from 26 March.
The price of a First Class stamp will increase from 65p to 67p, a 3.05% price rise. A Second Class stamp will go from 56p to 58p, a 3.57% increase. The price hikes are also double 2017’s where both stamp prices rose by just 1p.
A large letter First Class stamp meanwhile, will rise by 3p to £1.01 (a 3.06% increase). A large letter Second Class Stamp will rise by 3p to 79p (a 3.9% increase).
In monetary terms, all these increases appear small, but they’re higher than the current rate of Consumer Prices (CPI) inflation at 3%. This will be of most concern to regular postal users and small businesses that rely on Royal Mail to send important documents and packages.
However, one way to get around the increase is to buy stamps before prices rise on 26 March, as they will still be valid for use even if they were purchased at the cheaper price.
In its explanation of why it is raising stamp prices, Royal Mail states: “Royal Mail understands that many companies and households are finding it hard in the current economic environment. As a result, we have considered any pricing changes very carefully and in doing so have sought to minimise any impact on our customers.”
The company’s spokesperson adds: “These changes are necessary to help ensure the sustainability of the Universal Postal Service.”
Royal Mail says its stamp prices are among the “best value in Europe” compared to other postal operators. According to the company’s research, the average price of a First Class stamp in Europe is 94p. For a Second Class stamp, the average is 74p.
Source:https://www.moneywise.co.uk
