USPS To Hike Stamp Prices in July — Here’s What You’ll Pay

The price of a U.S. First-Class Mail postage is on the rise again and the United States Postal Service (USPS) is pointing to further price increases.
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The USPS recently filed a notice with the Postal Regulatory Commission (PRC) proposing pricing changes to take effect on July 10. The new prices include a two cent increase in the price of a First Class Mail "Forever" stamp, if approved. from 58 cents to 60 cents.
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The increase was originally proposed on April 6 when President Joe Biden signed the Postal Service Reform Act into law. The bill was originally passed - with strong bipartisan support in both the House and Senate - a month earlier. This law eliminated prefunded health care benefits for retirees (resulting in expected savings of $50 billion over the next 10 years) and cemented a six-day-a-week mail delivery schedule.
Whether this will help the USPS in the long run is doubtful, with some experts predicting another price hike in January 2023. At a Postal Service board meeting on May 5, Postmaster General Louis DeJoy affirmed in principle future rate increases, saying, "I will most likely support those increases."
“The mail order industry must be prepared to continue to exercise our power to increase prices on dominant products at an uncomfortable pace until we achieve our goal of projecting a course that shows we are self-sustaining – how required by law,” DeJoy explained.
The USPS expects to lose about $110 billion over the next decade and has suffered net losses for 14 straight years. The USPS had a net loss of $639 million at the end of the second quarter of 2022, compared to a net loss of $82 million for the same period last year. The agency is experiencing a slowdown and stiff competition from shipping companies like FedEx, Purolator, and UPS.
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The proposed rates, approved by U.S. Postal Service governors, would increase prices for first-class mail by about 6.5 percent, according to Samie Rehman, director of mailing and services pricing at USPS. The increases are deemed necessary to cover costs incurred as a result of the slowdown caused by the COVID-19 pandemic.
In 2020, the Postal Rate Commission introduced a new rate-setting system that gave the USPS more flexibility to set rates higher than the rate of inflation. Despite the PRC's firm control over the USPS pricing model, a petition was filed by the Alliance of Nonprofit Mailers and the Association for Postal Commerce to persuade the PRC to reconsider the fee assessment system in light of the passage of new postal service reform legislation.
The proposed price changes for postal services include:
Rehman indicated that other postal services would become more expensive, including the price of post office boxes (7%), money orders (14.4%), sending a registered mail (6.7%), sending a registered mail (6.2%) and returns (7.1%).
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The PRC will review prices and is expected to approve these price changes before they are scheduled to go into effect. The last price increase for Forever stamps was in August 2021 when the USPS raised the stamps from 55 cents to the current 58 cents.
The story goes on

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