Brace yourselves for another round of stamp price increases as the US Postal Service gears up for yet another adjustment to postage rates.
In a recent filing with regulators, the USPS proposed raising the price of First-Class “Forever” stamps from 68 cents to 73 cents, signaling an impending uptick in mailing costs for consumers.
Pending approval from the Postal Regulatory Commission, the proposed hike is slated to go into effect in July, translating to a nearly 8% surge in mailing services products’ prices.
This latest adjustment marks a continuation of the USPS’s ongoing efforts to address financial challenges, with stamp prices alone witnessing a staggering 36% surge since 2019, when they stood at 50 cents. The agency most recently increased First-Class stamp prices by two cents in January, following a three-cent hike in July 2023.
The USPS emphasized that these price adjustments are essential for attaining the financial stability outlined in its 10-year plan unveiled by Postmaster General Louis DeJoy in 2021, aimed at enhancing competitiveness and modernization.
Despite the impending price hike, the USPS asserts that its postage rates remain among the most affordable globally.
Alongside the increase in First-Class stamp prices, other changes include domestic postcard rates rising from 53 cents to 56 cents and international postcard rates climbing from $1.55 to $1.65.
While regulatory approval is typically granted, there have been precedents where requests were declined, as witnessed in 2010 when the Postal Regulatory Commission rejected a price hike due to the USPS’s failure to adequately address the impact of the recession on its finances.
As the USPS continues to navigate shifts in consumer behavior driven by online communication, particularly the declining usage of First-Class mail, Postmaster General Louis DeJoy has pursued comprehensive reforms to bolster the agency’s financial resilience. Despite these efforts, USPS anticipates a $6.3 billion loss in 2024.
