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.in April amid the deteriorating cost of living crisis. The group has already hiked the cost of posting letters by an average of around 7%, and parcel prices by an average of about 4%.The increases took the cost of a first-class stamp to 95p and a second-class stamp to 68p.
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