Royal Mail to raise prices cut costs to cope with soaring inflation

Business

Royal Mail has said it will need to rise prices and cut costs in the face of soaring inflation.

The company warned that it sees “significant headwinds” from rising costs including wages, energy and fuel.

Royal Mail revealed that it aimed to make cost savings of £350m over the course of its current financial year in an attempt to bolster its position.

Inflation hit its highest level in 40 years yesterday amid the deteriorating cost of living crisis.

The cost of a first-class stamp currently stands at 95p and a second-class stamp costs 68p.

Articles You May Like

‘We cannot carry on with business as usual’: Oliver Dowden quits as Tory chair after by-election mauling
Kendrick Lamar makes blood-soaked plea for women’s rights at Glastonbury in attack on abortion ruling
Biden calls on Congress to suspend the gas tax — Here’s what that means for prices at the pump
‘The number of victims is impossible to imagine’: Missile strike on Ukrainian shopping centre with 1,000 inside
Doubts over my premiership as PM are ‘settled’, Johnson says