The increased price of a first class stamp, by 10p to 95p, has come into effect today. Second class stamps have increased by 2p to 68p.
The Royal Mail said there has been a long-term decline in letter usage, coupled with rising inflation. Letter volumes have fallen by more than 60% since their peak in 2004/5 and by around 20% since the start of the pandemic.
Nick Landon, chief commercial officer at Royal Mail said: “We understand that many companies and households are finding it hard in the current economic environment, and we will always keep our prices as affordable as possible. Whilst the number of letters our postmen and women deliver has declined from around 20 billion a year to around seven billion since 2004/5, the number of addresses they have to deliver to has grown by around 3.5 million in the same period.
