The price of stamps is increasing earlier than originally intended.

Isle of Man Post Office has brought forward the price hike in response to ‘substantial, escalating operating costs’.

It will now implement the changes on January 9, 2023, instead of spring.

The price of a standard Isle of Man/UK letter will rise from 73p to 80p, which the Post Office believes ‘still remains a competitive offering’.

It will be cheaper than its UK and Channel Islands counterparts.

Letters, large letters and packets destined for the UK will increase by 10% in line with inflation, and likewise mail bound for Europe and the Rest of the World (world zones 1-3).

The Post Office has said it’s important to note that, with effect from January 9, Jersey will be classed as an EU destination in terms of postal zones and therefore customs information will be required to be provided by customers posting to Jersey addresses.

International small parcels will be subject to a 12.5% increase ‘which is driven by industry rates’, according to the Post Office.

A replacement premium international parcel service will be introduced, known as ‘Global Priority’.

This will replace the suspended Parcelforce Global Express service.

It will offer many benefits to customers by offering online tracking visibility, international delivery from two working days (subject to destination), delivery to a named person, and options for up to £2,500 insurance.

Ancillary services such as Keepsafe, post office voxes and ReDirect will increase by 10%.

Stu Peters MHK, chairman of Post Office, said: ‘Upward pressures on operating costs are anticipated well into the following business year, in particular we forecast substantial fuel cost increases, and anticipate materially higher costs.

‘This means price increases are regrettably inevitable.’