Article Presented By Tomlinson Insurance…
The U.S. Postal Service is recommending a rate hike on certain products, including a five-cent increase on First-Class ‘Forever’ stamps from 68 cents to 73 cents.
The request was made to the Postal Regulatory Commission, which has regulatory oversight over the Postal Service. The Commission must deem the proposed hike necessary for the future financial stability of the USPS and approve the request for the rate rise to go ahead.
If the price increase is approved, what equates to an almost 8% rise on the cost of many mailing services products, will come into effect on July 14, 2024.
Similar increases for metered letters, international mail and postcards have also been proposed. Domestic postcard prices will increase from 53 cents to 56 cents, and international postcards from $1.55 to $1.65. Special services are also due to see a price hike, such as certified mail and order fees. The USPS has however confirmed that other services will remain untouched, including Post Office box rentals. Meanwhile, postal insurance will benefit from a 10% reduction when items are mailed.
In 2019, First-Class stamps cost just 50 cents. In July 2023, the price was increased by 3 cents and just several months later in January, was raised again by another two cents.
The Postal Service says the price hikes are part of the agency’s ten-year plan to make it more contemporary and competitive. Louis DeJoy, US Postmaster General had warned about the rate hike earlier, saying customers should get used to “uncomfortable” increases. He said that the increases were overdue following “at least ten years of a defective pricing model.”
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