USPS is asking for a $0.05 price increase
The price of stamps is going upagain!
The United States Postal Service (USPS) has announced that as of July 14, 2024, the price of stamps will be going up for the sixth time since 2021.
The increases, which have been approved by the governors of the Postal Service, will averageroughly 8% for mailing services.
What are the new prices?
According to USPS, the updated pricing structure will look like this:
-
Letters (1 oz.): from $0.68 to $0.73
-
Letters (metered 1 oz.): from $0.64 to $0.69
-
Domestic Postcards: from $0.53 to $0.56
-
International Postcards: from $1.55 to $1.65
-
International Letters (1 oz.): from $1.55 to $1.65
-
Additional ounce price for single piece letters: $0.24 to $0.28
While nothing is official yet, the USPS is also looking into raising prices for Certified Mail, money order fees, and other special services. The firmnoted that the price of post office boxes will remain unchanged for the time being.
According to USPS, the price hikes are in response to ensuring the financial viability of the organization into the future.
Taking action against rising prices
Keep US Posted, a non-profit advocacy group dedicated to keeping USPS services affordable, is calling on Congress and postal regulators to take action in the face of these most recent price hikes.
Price hikes are driving disastrous declines in mail volume, which is still the biggest moneymaker for the USPS, said Kevin Yoder, executive director of Keep US Posted. Fueled by mail volume losses of more than 9%, USPS posted a $6.5 billion loss for the fiscal year 2023 the same year it was projected to break-even under Postmaster General Dejoys Delivering for America plan.
And buckle up for more losses if the USPS continues down this route, as the Board of Governors anticipates a $6.3 billion loss in 2024. Its time for the Postal Regulatory Committee to hit the brakes on price increases and for Congress to take a hard look at the numbers and how they affect the financial solvency of the USPS.
Photo Credit: Consumer Affairs News Department Images
Posted: 2024-04-17 13:22:29
