Royal Mail has announced that first-class stamps are set to go up in price by 10p in April.

Second-class stamps will also increase by 2p to 68p, with the new prices coming into effect on April 4.

Royal Mail said there has been a long-term decline in letter usage, coupled with rising inflation which led to their decision to incorporate a slight rise in price.

Letter volumes have fallen by more than 60% since their peak in 2004/5 and by around 20% since the start of the pandemic.

READ MORE - Royal Mail first and second class stamps to be scrapped from January 2023

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.

Bournemouth Echo: Royal Mail said their decision was due to letter volumes falling rapidly in recent years (PA)Royal Mail said their decision was due to letter volumes falling rapidly in recent years (PA) (Image: PA)

“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.

“We need to carefully balance our pricing against declining letter volumes and increasing costs of delivering to a growing number of addresses six days a week.

“As customer needs change and we see a greater shift from letters to parcels, it is vital that the universal service adapts to stay relevant and sustainable.

“These price changes are necessary to ensure we can continue to maintain and invest in the one-price-goes-anywhere universal service for future generations.”