THE price of first and second class stamps is going up next month.

Royal Mail has said a first class stamp will jump 6p to 76p, and the price of a second class stamp will rise 4p to 65p from Monday, March 23.

The company said the price increases are "necessary" to ensure the sustainability of its universal service.

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Royal Mail said it is "operating in a challenging business environment" and is likely to be loss-making in the current financial year.

Stephen Agar, managing director of letters at Royal Mail said: "We are operating in a tough market at present, under the threat of making a loss by 2021.

"These price increases will help us maintain the quality of service that is expected by our customers, while supporting the universal service."