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

Intel warns Ohio factory could be delayed because Congress is dragging its feet on funding
Study: Food can reverse heart disease
‘Historic’ day as Ukraine and Moldova accepted as candidates to join EU
EastEnders star arrested for ‘assaulting police officer’ outside nightclub
Rochdale paedophile tells judge: ‘Don’t deport me – my son needs a role model’