The increasing cost of living is making itself known with prices of a few everyday items already beginning to creep up.

On Monday the Post Office announced that the cost of Manx stamps is to rise by nearly 10%.

The price of a standard letter stamp will rise from 67p to 73p.

The changes will come into effect on April 4.

In a statement, the Post Office said: ‘This still offers customers good value, maintaining an affordable next-day UK network, and typically 90% plus UK-wide next working day delivery.’

Letters destined for Europe and the majority of the rest of the world will increase by 3%, while letters heading to Australasia will rise by 18%.

This increase was described as ‘a reflection of much higher international prices’.

Large letter, packet and letter rates for the USA will be increased by 5%, 6% and nearly 10% respectively.

Parcelforce and ancillary services, such as Redirect and Keepsafe, will be subject to a 6% increase.

Chris Thomas MHK, chair of Isle of Man Post Office, said: ‘A nearly 10% stamp price rise this year is needed to protect our first class postal service for letter mail and parcels.

‘Like so many businesses, the Post Office is feeling the pinch of increased operating costs, for instance the cost of the mail plane has risen by 23.8% given the increased cost of petrol and oil.’

proud

He added: ‘Pricing is an important part of the Post Office transformational strategy but despite that, Post Office is proud to have maintained the lowest priced 1st class service in the British Isles.’

In the UK, Royal Mail has increased the cost of its first-class stamps to 95p.

Meanwhile, the price of milk may rise by 5p a pint.

At next week’s sitting the Milk Prices Order 2022 will be laid before Tynwald.

The order sets the minimum price of milk, and it proposes increasing the price of a pint from 60p to 65p.

A litre would rise from £1.05 to £1.15.

If passed, the proposals would also introduce two-litre containers of milk for the first time.

Electricity prices could soon also be on the rise.

In the House of Keys last week Manx Utilities chair Rob Callister MHK revealed that electricity tariffs could rise ‘between 5% and 39%’.

Mr Callister told members: ‘Originally, we would have announced our tariffs by now, but we are very aware of the impact that rising bills is having on individuals and businesses, and it is important that we try to do all we can to minimise the level of increase. As such, I am not in a position to advise what the final percentage increase will be at this time, but I can advise it currently spans between 5% and 39%.’

The Onchan MHK added: ‘We are also watching an extremely volatile market around Russia’s invasion of the Ukraine, which could create further pressure for the energy price and its market.

‘I would also like to make it very clear that we are currently seeing forward pricing for natural gas for the summer of 2022 and the winter of 2022 above 200 pence per therm, which is extreme and which is almost four times the average price.’

There is also ‘little doubt’ that gas tariffs will follow suit, according to the Communications and Utilities Regulatory Authority – the island’s gas market regulator.

Whilst the regulator declined to agree to a second price rise in December, in a statement last week, it said: ‘Gas prices are currently around four to five times higher than average due to the current global energy crisis and the conflict in Ukraine, as a result Manx Gas will likely need to increase gas tariffs in order for it to be able to continue to supply gas in the short term.’

The new gas sector regulations will be laid before Tynwald at the March sitting next week, with the changes expected to take effect in April.