The United States Postal Service (USPS) is seeking approval for another price increase, following three hikes within the past year, in an effort to counteract inflation. USPS submitted a notice to the Postal Regulatory Commission on Monday, proposing price changes for various services, including a 5.4% increase for First-Class Mail.
If the proposed changes are approved, the cost of First-Class Mail Forever stamps would rise by 3 cents, taking the price to 66 cents per stamp. The USPS had already increased the price of Forever stamps from 60 cents to 63 cents in January this year. Despite the price changes, Forever stamps purchased at any time can still be used indefinitely to mail letters.
The cost of sending a 1-ounce letter is also expected to rise to 66 cents, along with proposed price adjustments for Certified Mail, Post Office Box rental fees, money order fees, and insurance for mailed items. According to a USPS press release, the price changes are necessary to help the Postal Service achieve financial stability as outlined in its Delivering for America 10-year plan.
The Governors of the U.S. Postal Service have already approved the proposed price changes. If the Postal Regulatory Commission gives its approval, the new prices will come into effect on July 9, 2023.
First-class mail, which is commonly used by Americans for sending letters, postcards, and bill payments, is the largest revenue source for USPS. In 2022, first-class mail generated $24.2 billion, nearly a third of the agency’s total revenue of $78.8 billion. Despite the proposed increases, USPS maintains that its prices remain among the most affordable worldwide.
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