It is the first time the Mail, which increased from 40p to 45p, has put up its coverprice in five years.
The Mail's rival the Express, owned by Richard Desmond, has upped its coverprice from 30p to 35p.
The price hikes have been instigated in response to the increasingly tough advertising conditions in the newspaper market.
Earlier this year, the Mail began a cost-cutting and redundancy programme in an attempt to reduce its editorial expenditure.
In January, the Express and its Northern & Shell stablemate the Daily Star both reduced their coverprices to 30p, along with launching advertising campaigns, in an attempt to boost sales.
The Daily Telegraph also increased the price of its Saturday paper by 10p to £1.30 this weekend, its first price increase in two years.
The price rise brings the paper into line with its Saturday competitors The Independent and The Guardian.
Last week's Audit Bureau of Circulations report showed that the Daily Express' circulation fell by 11.4 per cent year on year to 831,923. However, the Daily Mail saw its sales increase by 0.6 per cent compared with March last year, to 2,397,768 copies.