The United States Postal Service (USPS) has proposed a 7.8% increase in the price of stamps effective in July to “achieve fiscal stability.”
Tuesday press release from service announced Submit a notice to the Postal Regulatory Commission to increase the price of various stamps by up to 10 cents.
A typical 1-ounce letter first class stamp would cost 73 cents instead of 68 cents. Domestic postcards went from 53 cents to 56 cents, and international postcards and letters went from $1.55 to $1.65.
The proposed increase has already been approved by the USPS governor and is scheduled to go into effect on July 14th after being reviewed by a committee.
The Federal Postal Service said the change would “increase the price of the Postal Service’s products.” [by] Approximately 7.8%. ”
Federal News Network reporter Jorie Heckman told X that this marks the USPS’s sixth price increase on mail items since 2020.
News: USPS asks regulators for “sixth” price increase on exclusive mail products since 2020. First-class Forever stamps will cost 73 cents, up from 68 cents. If approved, the higher tax rate will come into effect from July 14th. pic.twitter.com/halFJkDHCk
— Jolie Heckman (@jheckmanWFED) April 9, 2024
“The Postal Service is also seeking price adjustments for special service items, including certified mail and money order fees,” the agency added. “In particular, rental fees for post office boxes will not increase, and the post office will apply a 10 percent discount on postal insurance when mailing items.”
USPS asserted that “these price adjustments are necessary to achieve the financial stability required by the organization’s 10-year Delivering for America plan.”
The 10-year reconstruction plan announced In 2021, it is expected to eliminate the $160 billion in losses expected to occur by 2030.
“USPS prices remain the most affordable in the world,” the agency added in a recent press release.
USPS in November 2023 report Newsmax reported a net loss of $6.5 billion last fiscal year “as first-class mail volumes fell to their lowest since 1968.”
The outlet added that stamp prices have increased by 50 percent in the past four years. In early 2019, the stamps cost him just 50 cents each.
