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The US Postal Service is proposing further increases in stamp prices.
The agency announced Tuesday a number of price increases it aims to implement in July, saying it will increase prices by about 7.8% across postal services.
Under the proposed new price, the USPS announced that First Class Mail Forever stamps would cost 73 cents, an increase of 5 cents from the current 68 cents.
This is the most recent increase since the USPS implemented a 2-cent price increase and other changes for First Class Mail Forever stamps in January.
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A worker loads mail onto a delivery vehicle outside a U.S. Postal Service distribution center in Chicago on October 12, 2021. (Luke Charette/Bloomberg via Getty Images/Getty Images)
If the proposal is approved, prices for pay-as-you-go 1-ounce mail and international mail would also increase to 69 cents (up from 64 cents) and $1.65 (up from $1.55), respectively, officials said. .
“The price for an additional ounce of single-piece letter increases from 24 cents to 28 cents,” USPS said. Its costs were not increased in January.
If approved, the price of a Forever stamp could rise from 68 cents to 73 cents. (Justin Sullivan/Getty Images/Getty Images)
The proposal would also increase the price of postcards by 3 cents domestically and 10 cents overseas. The agency said this equates to 56 cents for a domestic postcard and $1.65 for an international postcard.
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The USPS said the proposed increases are “necessary to achieve the financial stability required by the organization’s Delivery for America 10-year plan” amid “continued changes in the mail and delivery market.”
The price changes must be approved by the Postal Regulatory Commission before being implemented in mid-July.
The agency announced its “Delivering for America” plan about three years ago. According to the agency, its goal is to “reverse projected losses of $160 billion over 10 years by achieving breakeven operating results while improving service reliability and predictability.” It is said that
A USPS mail truck spotted in Indianapolis in August 2019. (image/image)
The agency announced Tuesday that while it is proposing price increases for several postal services, rental fees for post office boxes will remain the same. On the other hand, postal insurance is said to be 10% cheaper.
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The total amount of mail processed by the agency in 2022 was 127.3 billion, down from 128.9 billion the previous year.
FOX Business’ Pilar Arias contributed to this report.
