Martin Lewis has urged people to "stock up" on Royal Mail stamps ahead of a price increase this week.

The price of first-class stamps for standard letters rose by 14% last October from £1.10 to £1.25.

Before in April, it increased again by a further 8% to the current price of £1.35.

Royal Mail first-class stamps will increase in price again on Monday (October 7) by 30p from £1.35 to £1.65.

While first-class stamps for large letters will increase by 50p from £2.10 to £2.60.

Royal Mail’s 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 on foot. We are proud to deliver the universal service, but the financial cost is significant.

“The universal service must adapt to reflect changing customer preferences and increasing costs so that we can protect the one-price-goes anywhere service, now and in the future.”

Martin Lewis urges people to stock up on Royal Mail stamps before price increase

Founder of Money Saving Expert, Martin Lewis, has issued a 'last chance' warning to people across the UK, urging them to go out and bulk buy Royal Mail stamps ahead of the price rise to save themselves some money.

Mr Lewis said: "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."

For those who are planning on stocking up on the cheaper stamps, the money saving expert warned people to be careful of fakes.

Mr Lewis added: "In April, Royal Mail paused the £5 penalty for anyone who receives a letter with a fake stamp on it while it takes fresh action against counterfeits.

"However, you may still be charged if you use a counterfeit stamp when sending something."

He said to buy stamps from a "reputable high street outlet" and keep the receipt.

Stamps are also available to buy directly from the Royal Mail website.

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Changes to Royal Mail stamp prices - from October 7

Here is a full list of the changes being made to Royal Mail stamp prices from Monday (October 7):

  • First-class stamp (standard) - £1.35 to £1.65
  • First-class stamp (large) - £2.10 to £2.60
  • Second-class stamp (standard) - no change (will remain at 85p)
  • Second-class stamp (large) - no change (will remain at £1.55)

Prices for Royal Mail's 'Signed For', 'Special Delivery Guaranteed' and 'Tracked' services are also set to increase from Monday, according to Mr Lewis, along with the cost of sending parcels by first and second class.

For more information on these price changes visit the Royal Mail website (a link to which can be found above).