Royal Mail has announced the price of first and second class stamps are going to increase from next month.

A first class stamp will go up by 3p to 70p, and a second class stamp will go up by 3p to 61p.

The increase will come into effect on 25 March and is “necessary to help ensure the sustainability of the Universal Postal Service”, the Royal Mail says.

Despite the increase, Royal Mail says its stamp prices rate among the best value in Europe.

“The UK also has one of the highest quality of service specifications of any major European country”, it says.

The company said in a statement: “Royal Mail understands that many companies and households are finding it hard in the current economic environment.

“As a result, we have considered any pricing changes very carefully and in doing so have sought to minimise any impact on our customers.”

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