USPS Stamp Price Hike in July: What You Need to Know
How Much Will Postage Cost You This July? A Look at the Upcoming Stamp Price Increase
Stamp Price Surge:
– First-Class “Forever” stamps set to increase from 68 cents to 73 cents.
– Represents an 8% jump in mailing service fees.
– Continues a trend of steep price hikes, with stamp prices up 36% since 2019.
Frequency of Increases:
– Recent adjustments:
– Two-cent increase in January.
– Three-cent increase in July 2023.
Rationale Behind the Hikes:
– USPS cites the need for financial stability.
– Aligned with a 10-year plan introduced by Postmaster General Louis DeJoy in 2021.
– Despite increments, USPS asserts its rates remain globally competitive.
Impact Beyond Domestic Mail:
– Postcard prices also on the rise:
– Domestic postcards climbing from 53 cents to 56 cents.
– International postcard rates ascending from $1.55 to $1.65.
Regulatory Approval:
– Rare for regulators to decline USPS requests, though exceptions exist.
– Previous denial in 2010 due to USPS’s failure to quantify the impact of economic downturns.
Challenges Amid Digital Shift:
– Shift towards digital communication reducing the volume of traditional mail.
– Volume of individual letters halved over the past decade.
Reforms and Financial Outlook:
– Postmaster General Louis DeJoy’s initiatives aimed at bolstering USPS finances.
– Despite efforts, USPS anticipates a $6.3 billion loss in 2024.