The U.S. Postal Service wants a 5-cent hike in the price of first-class Forever stamps to 73 cents in July, the sixth time the department has sought a service rate increase since March 2021.
Forever stamps cost 68 cents. The Postal Service filed notice of the price hikes with the Postal Regulatory Commission on Tuesday. If approved, the increases would take effect July 14.
The proposed increase for all services would raise mail prices by about 7.8% overall. The Postal Service reported a $6.5 billion net loss in November for the 12 months ending Sept. 30. A decline in the use of first-class mail, to its lowest volume since 1968, was part of the loss, Reuters reported.
Changes in first-class Forever stamp prices
Most people use first-class mail to send letters and to pay bills. The service generated about $24.5 billion, or 31% of postal service revenue in 2023.
The price hikes have been part of the service’s 10-year Delivering for America plan designed to stabilize the Postal Service financially.
The Postal Service expects to generate $44 billion in additional revenue by 2031.
How much will letters, postcards cost?
Under the proposal, the additional-ounce price for single-piece letters would rise to 28 cents from 24 cents, the Postal Service said. Post office box rental fees would not change and the cost of postal insurance would decrease by 10 percent.
The price of international postcards and international 1-ounce letters will increase by 10 cents each, from $1.55 to $1.65.
SOURCE USA TODAY Network reporting and research; U.S. Postal Service; Reuters
Jessica Roberts is a seasoned business writer who deciphers the intricacies of the corporate world. With a focus on finance and entrepreneurship, she provides readers with valuable insights into market trends, startup innovations, and economic developments.
