Deutsche Post to hike stamp price for home market

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German postal services group Deutsche Post plans to increase the letter stamp price for its home market to 60 cents per letter from 58 cents as of next year, newspaper Handelsblatt reported on Friday.

Citing sources, the paper said Deutsche Post will put in a request for the price hike with the regulator, the German Federal Network Agency, on Friday.

A Deutsche Post spokesman declined to comment.

The regulator last month proposed to allow Deutsche Post to increase stamp prices in its home market over the next five years.

Deutsche Post is the world's largest postal and logistics group and makes its profit mainly from its express courier services, forwarding and supply chain businesses.

Its Mail unit currently generates a quarter of the group's revenue but is grappling with a slowdown in the amount of letters posted in Germany.

Mail's revenues rose 5 percent in the third quarter to 3.44 billion euros thanks in part to the continuing growth in online retailing in Europe's biggest economy.