Royal Mail set to increase costs of letters and parcels amid soaring inflation

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It is cutting costs by more than £350 million to help offset the hit. They said it would also have to look at price increases for posting letter and parcels.

The cost of posting letters has already increased by an average of around seven percent, and parcel prices by an average of about four percent.

The group cautioned over “significant headwinds” as it faces higher wage demands, surging energy and fuel costs.

It comes as Royal Mail reported an eight percent rise in underlying operating profits to £758 million for the year to the end of March.

On a reported basis, pre-tax profits fell 8.8 percent to £662 million.



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