The cost of first and second class stamps is to rise from next month.

Royal Mail has announced that a first class stamp will go up by 3p to 70p, and a second class stamp will go up by 3p to 61p, as reported by Sky.

The increase will come into effect on 25th March. The Royal Mail said the rise is necessary to ensure the UK's postal service remains sustainable.

Despite the increase, Royal Mail says its stamp prices are among the best value in Europe and that the UK has one of the highest quality postal services in Europe.

It said it appreciates many businesses and households are struggling in the current economic climate and has therefore tried to minimise the impact on its customers.