The US Postal Service is expected to raise stamp prices in July.
The price of a forever stamp will go from 58 cents to 60 cents.
Why is the price going up?
Stamp prices will cost 60 cents starting in July. They used to only cost 58 cents. More price hikes will likely follow. Find additional details here.
Postmaster General Louis DeJoy said that he expects prices to continue to raise “at an uncomfortable rate.” The continued price rise will continue until the agency becomes self sufficient.
Last month, President Biden signed the Postal Service Reform Act of 2022. The legislation is meant to help the agency after facing financial challenges and having stiff competitors.
The new law will ensure 6 day a weeks delivery and save the agency nearly $50 billion over the next ten years. Much of this money will come from ending the requirement of USPS paying into a health fund for current and and retired employees for 75 years into the future. Retired USPS employees can now enroll in Medicare.
Although this will help the agency, it will not solve all of the problems. USPS has suffered net losses for 14 consecutive years. They are expected to lose $110 billion over the next ten years.
Other USPS mail price increases
- Letters (1oz) currently 58 cents –> 60 cents
- Metered 1 oz letters, currently 53 cents –> 57 cents
- Letters additional ounce(s) currently 20 cents –> 24 cents
- Domestic Postcards currently 40 cents –> 44 cents
- International Letter (1 oz) currently $1.30 –> $1.40
The Postal Regulatory Commission is currently being reviewing the increases and they are expected to be approved.
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