The U.S. Postal Service is proposing to raise the price of a first-class stamp to 73 cents, marking the fourth increase in less than two years. If approved, the plan will also raise the cost of other postage forms, with the new prices expected to take effect in July. The proposal has been sent to the Postal Regulatory Commission for final approval. The USPS cites financial challenges and a need to become self-sustaining as reasons for the price hike, despite acknowledging the impact on customers.
The US Postal Service has filed a notice to increase the price of First-Class "Forever" stamps to 73 cents from 68 cents, marking an almost 8% hike in mailing services products' cost, set to take effect in July. This comes as part of the agency's efforts to achieve financial stability outlined in its 10-year plan. The increase follows previous hikes, with stamp prices having soared 36% since 2019. The Postal Regulatory Commission will need to approve the change, and other adjustments include raising domestic and international postcard prices. The decline in First-Class mail due to online communication has impacted the Postal Service's business, with the agency expecting a $6.3 billion loss in 2024.
The U.S. Postal Service is planning a 7.8% rate increase, including raising the cost of a first-class stamp from 68 cents to 73 cents, in an effort to achieve financial stability and address what it calls a "defective pricing model." The proposed increase, if approved by the Postal Regulatory Commission, would take effect on July 14 and also includes adjustments to special services such as money order fees and certified mail, while keeping post office box rental prices unchanged and reducing postal insurance fees by 10%.
