Martin Lewis warned Britons to “stock up” on a £1.35p item as an imminent price hike approaches.
The price of one standard first-class stamp will jump by a whopping 22 percent from Monday, October 7, increasing from £1.35 to £1.65.
Mr Lewis, founder of consumer finance site MoneySavingExpert.com, has been a long-time advocate of the practice as an easy way to save costs.
The MoneySavingExpert newsletter shared advice from the cost-cutting guru, in which he explained: “For years, every time stamps go up in price I’ve suggested people stock up and bulk-buy in advance, as provided the stamp doesn’t have a price on it and instead just says the postage class, it’s still valid after the hike.
“So you may as well stock up now, even if it’s just for Christmas cards for the next few Christmases,” he added.
The latest hike follows previous rises in October 2023 and April 2024. The price increase for large first-class stamps is even higher, and rise 24 percent from £2.10 to £2.60.
The cost of other services, including Signed For, Special Delivery Guaranteed, and Tracked, will also be upped from next week, Royal Mail has announced.
However, second-class stamp prices will stay the same – 85p for standard and £1.55 for large letters, as per GB News.
Royal Mail said they brought in the price increase due to significant challenges in maintaining the universal service obligation, which requires it to deliver letters to every address in the UK, six days a week, at a uniform price, and parcels five days a week, as per the UK Parliament website.
Royal Mail chief commercial officer Nick Landon said: “We always consider price increases very carefully. However, when letter volumes have declined by two-thirds since their peak, the cost of delivering each letter inevitably increases.”
“A complex and extensive network is needed to get every letter and parcel across the country for a single price – travelling on trucks, planes, ferries and in some cases drones before it reaches its final destination [delivered] on foot,” he added.
Mr Landon said the firm is “proud to deliver the universal service, but the financial cost is significant”. However, the public are warned to take care when buying bulk amounts of stamps, so as to avoid being sold counterfeits.
Customers are advised to use reputable high street outlets or get them from the Royal Mail online shop and hold onto their receipts as a precaution.
The firm temporarily suspended the £5 penalty for recipients of letters sent using fake stamps, which can be spotted with a special scanner, but senders could still face charges if using fakes.
Old stamps without barcodes can be exchanged for free using the postal service’s Swap Out scheme by completing a form and and sending it with the stamps to Freepost SWAP OUT, the outlet reports.