First-class UK stamp to rise by 15p in October to £1.25

The number of letters posted each year has fallen from 20bn to 7bn over the last two decades. Photograph: Bjorn Birkhahn/Alamy

The price of a first-class UK stamp is scheduled to rise by 15p in October – the third increase in 18 months – in a fresh blow to consumers and businesses who rely on the postal service.

The increase will mean that from 2 October a first-class stamp will cost £1.25 – 47% more than in March last year.