Price of first class stamps goes up again
The cost of a first class stamp will rise to 62p from the end of the month, Royal Mail has confirmed.
The 2p increase will come into effect from 31 March, along with a 3p rise in the cost of a second class stamp from 50p to 53p.
The price of a large first class letter up to 100g will rise by 3p to 93p and a large second class letter stamp will go up by 4p to 73p.
The increases are the first in two years and Royal Mail said the prices in the UK are among the cheapest in Europe, with the average cost in Germany, Spain, Italy and France for a first class stamp being 67p and 60p for second class.
Royal Mail added it could have increased the price of a second class stamp to 57p under the current regulatory framework and had thought "carefully" about the price hikes.
Managing director of consumer and network access Stephen Agar said: "We understand that nobody likes to pay more, especially in the current economic climate. Our prices remain amongst the best in Europe and we have the highest service specification of any major European country."
Royal Mail was privatised last year, with the government accused of under-valuing the company.