If you’re running low on stamps, you might want to buy some books early.
The United States Postal Service (USPS) is expected to raise the prices of postage stamps again, marking the second time stamp prices will increase in 2024.
According to reports, starting July 14, first-class “Forever” stamps will cost 73 cents each, up 5 percent from the current price of 68 cents.
USPS announced in April that it had filed a notice with the Postal Regulatory Commission about proposed new stamp prices.
The proposal also proposes increasing postage rates for international postcards and letters from $1.55 to $1.65.
“The Postal Service is also seeking price adjustments for special service products, including certified mail and money order fees,” the April press release stated.
“Notably, there will be no increase in rental rates for post office boxes and the Post Office will reduce postal insurance fees for mailing mail by 10 percent.”
As of January 22, 2023, the price of the stamps was 63 cents each.
It rose to 66 cents in July of that year and to 68 cents in January 2024.
USPS said the new prices were “necessary” for the agency’s financial health.
“These price adjustments are necessary as the mail and delivery market continues to change and to achieve the financial stability that is the goal of the USPS’ 10-year Delivering for America plan,” the company said in a statement.
“USPS rates remain some of the most affordable in the world.”
According to the company’s website, the “Delivering for America” plan will “transform the U.S. Postal Service from an organization in financial and operational crisis to a self-sustaining, high-performing organization.”
The 10-year plan began in 2021, the same year that the price of a First Class Mail Forever stamp increased from 55 cents to 58 cents.
Fox Business reached out to the USPS for comment but did not immediately receive a response.
