The Times cover price goes up to £1

The Times is set to increase its cover price to £1, which will match the price of the Daily Telegraph, the Guardian and the Independent for the first time in over 20 years.

The increase will apply to the Monday and Friday editions of the title from next week, according to reports.

The rise follows on from the Guardian‘s new £1 price tag, which came in to effect last September.

News International last increased The Times‘ cover price a year ago, to 90p.

It is thought that the Rupert Murdoch-owned company made the decision to up the title’s cover price in a bid to counter declining ad revenues.

Murdoch, the chairman and chief executive of News International’s parent company News Corporation, is also set to introduce paid-for access to his portfolio of news websites, including thetimes.co.uk, some time this year.

In the last ABC report, for November 2009, The Times recorded a 1.5% period on period decline to 563,000 copies.