Royal Mail to increase stamp prices by 1p

The postal group said it had thought 'carefully' about the impact on its customers

Both first and second class stamps will increase in price (PA)

Even in the internet age you still can’t quite beat the joy of sending or receiving a letter – but you might want to make sure you keep that penny change because the price of stamps is going up.

Royal Mail has announced that next month the price of both first and second class stamps will increase by 1p, to 63p and 54p respectively. The change will be implemented on 30 March.

Meanwhile, sending a large letter will increase by 2p to 95p for first class and by 1p to 74p for second class.

The postal group said it had thought "carefully" about the impact on its customers before deciding to raise letter prices, adding that it recognised how the recent tough economic conditions had made it difficult for consumers and businesses.

Royal Mail also announced that it is simplifying and cutting the price of sending a second-class medium parcel, and will maintain prices for second-class small parcels which was introduced as a Christmas promotion.

From 30 March second-class medium parcels weighing up to 2kg will be priced at £4.89, which Royal Mail said represents a saving of up to £3.11.

The company said stamp prices in the UK were among the best value in Europe.

Additional reporting by Press Association