The U.S. Postal Service (USPS) has proposed a 7.4% mailing rate increase slated to start on July 13, pending approval from the Postal Regulatory Commission.
This includes a 5-cent hike in the price of First-Class Mail Forever stamps, from 73 cents to 78 cents, alongside several other price adjustments for various mailing services, including domestic postcards and international letters, reported Fox 4 KDFW.
The USPS argues that these price changes are necessary to maintain financial stability as part of its 10-year plan, “Delivering for America.” It emphasizes that even with the proposed increases, its postage rates remain competitive and affordable on a global scale. The outcome hinges on the review and approval process by the Postal Regulatory Commission before any increases are enacted.
Here is more of the story from Fox:
WASHINGTON – The U.S. Postal Service has requested a rate hike that could take effect as early as July.
The new rate hake would include a 5-cent increase in the price of a First-Class Mail Forever stamp from 73 cents to 78 cents.
Other price changes would include:
- Letters (1 ounce): 78 cents
- Letters (metered 1 ounce): 74 cents
- Domestic postcards: 62 cents
- International postcards: $1.70
- International letter (1 ounce): $1.70
Also, the additional-ounce price for single-piece letters will increase from 28 cents to 29 cents. The USPS also wants to apply a price reduction of 12 percent for postal insurance when mailing an item.
Postage stamps are seen on pieces of mail inside the United States Postal Service (USPS). Photographer: Luke Sharrett/Bloomberg via Getty Images
What they’re saying: “As changes in the mailing and shipping marketplace continue, these price adjustments are needed to achieve the financial stability sought by the organization’s Delivering for America 10-year plan,” the USPS said in an online statement. “USPS prices remain among the most affordable in the world.”
What’s next: The PRC will review the changes before the price hikes take effect.
