Martin Lewis shares common item you should stock up on before price hike in October

Martin Lewis has urged everyone to stock up on stamps before their price rises next month.

On October 2, first-class stamp prices will increase by 14% for standard-sized letters from £1.10 to £1.25 while first-class stamps for large letters will go from £1.60 to £1.95, an increase of 22%.

Second-class stamps for standard letters will stay the same at 75p. For large letters, it'll go from £1.15 to £1.55, an increase of 35%.

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Martin Lewis said: "For years, every time stamps go up in price I've suggested people stock up and bulk-buy in advance, as provided the stamp doesn't have a price on it and instead just says the postage class, it's still valid after the hike. This has been an effective tactic, as a first-class letter stamp is now £1.10, soon to rise to £1.25 – in 2012 it was just 60p. So you may as well stock up now, even if it's just for Christmas cards for the next few Christmases."

Royal Mail said the increase is due to cost pressures and the universal service obligation, which currently requires it to deliver letters to all UK addresses six days a week. The postal service said: "The cost of delivering an ever-decreasing number of letters to an ever-growing number of households six days a week is unsustainable."

Another alternative is to consider using cheaper second-class stamps where you can, particularly on standard-sized letters, as these prices aren't changing in October, the Mirror reported.

You can also no longer use non-barcoded stamps according to Martin Lewis’ website, but you can still exchange them using Royal Mail's “Swap Out” scheme. On July 31, Royal Mail scrapped everyday non-barcoded stamps – the ones that feature a profile of