Published on March 4th, 2014 | by admin
Royal Mail Announce Stamp Price Increase
Two years after the last increase in stamp prices, the Royal Mail has announced that the price of postage stamps will change on 31st March.
First class stamps will increase by 2p to 62p whilst second-class stamps will increase by 3p to 53p. Royal Mail’s price increase means a first class stamp will increase by 3 per cent and a second class stamp will increase by 6 per cent.
A large letter first class stamp up to 100g will rise by 3p to 93p, while a large letter second class stamp will go up by 4p to 73p.
We learn that on the continent, average costs of postage stamps are higher than they are here in the UK – 67p for first-class postage and 60p for second. The other good news is not only that the UK has a higher quality specification than Germany, France, Spain and Italy but also that Royal Mail are on target for First Class delivery after the third quarter of this financial year and also ahead of their Second Class target.
As one of the biggest rises in stamp prices since the issue of the first Penny Black stamp in 1840, the last rise in the price of postal stamps in April 2012 saw first class stamps rise 30 per cent in price from 46p to 60p and second class stamps jumped 39 per cent from 36p to 50p.
In anticipation of the significant rise in stamp prices in 2012, panic buying led to bulk stamp purchases with many retailer’s selling out. To safeguard revenues, Royal Mail capped supplies of stamps to outlets to 20% of their annual allocation.
Even though the increases are much smaller than two years ago, it will be interesting to see if the demand for stamps jumps dramatically this time after the price increase was announced last week …..watch this space!