Royal Mail has said it will increase the price of stamps again next month.

The troubled delivery giant said the price of first-class stamps will increase by 10p to £1.35 and second-class stamps will increase by 10p to 85p.

A year ago, a first-class stamp cost 95p before being hiked to £1.10 in April 2023, before another 15p increase in October last year.

The increase comes after warnings by the loss-making firm over the impact of higher costs and lower demand for letters.

Nick Landon, chief commercial officer at Royal Mail, said: “We always consider price changes very carefully, but we face a situation where letter volumes have reduced dramatically over recent years while costs have increased.

“It is no longer sustainable to maintain a network built for 20 billion letters when we are now only delivering seven billion.

“As a result of letter volume decline, our posties now have to walk more than three times as far to deliver the same number of letters as before, increasing the delivery costs per letter.”