U.S. stamp prices rise for second time this year
In January this year, the U.S. Postal Service raised the price of Forever stamps for regular mail to 68 cents. Starting July 14, the price will increase again to 73 cents. In April, the Postal Service announced that it had submitted a proposal to the Postal Regulatory Commission regarding the new stamp prices. The proposal also suggests raising the mailing cost for international postcards and letters from $1.55 to $1.65. Additionally, they are seeking to adjust the prices of special service products, including registered mail and money orders. However, the rent for post office boxes will not increase, and there will be a 10% reduction in postal insurance costs for mailing items (USPS) (Money) (WBIW).
On January 22, 2023, the price of a U.S. stamp was 63 cents. It increased to 66 cents in July of the same year, and to 68 cents in January 2024. The Postal Service explained that the new prices are necessary to ensure the financial health of the postal service. “As the mailing and shipping market continues to evolve, these price adjustments are necessary to achieve the financial stability of the Postal Service’s ‘Delivering for America’ 10-year plan. U.S. Postal rates remain among the most affordable in the world” (WBIW).
According to the U.S. Postal Service website, the “Delivering for America” 10-year plan is guiding the Postal Service’s transformation from an organization in financial and operational crisis to one that is self-sustaining and high-performing. This ten-year plan began in 2021, the same year the price of a Forever stamp for regular mail increased from 55 cents to 58 cents (Money) (WBIW).
