First-class stamps could cost you 66 cents by July. Graphics show other expected USPS price hikes.
The U.S. Postal Service wants to raise the price of first-class stamps by 3 cents to 66 cents by July, its fourth increase in nearly two years, Postal Service officials announced Monday.
The 4.8% hike would be the second since January when first-class stamp prices rose to 63 cents from 60 cents, a 5% increase.
The change comes as the Postal Service continues to deal with its long-term financial problems. The hike is part of a 5.4% increase in overall first-class mail prices, Postal Service officials said.
The service's board of governors has authorized the new price. Final approval must now come from postal regulators.
How first-class stamp prices have increased
Adjusted for inflation, changes in first-class stamp prices have been less steep. A 44-cent stamp in January 2010 would cost about 61 cents today, according to the Bureau of Labor Statistics' CPI inflation calculator.
First-class mail, which most customers use to pay bills and send letters, generated about 30% of Postal Service revenue, or $6.5 billion, in the fourth quarter of 2022. The service recorded a loss of more than $1 billion in the same period, according to its 10-quarter financial report.
Other proposed mail price changes
The Postal Service is also seeking price hikes for special service products, including:
- Certified mail.
- Post office box rental fees.
- Money order fees.
- Price of insurance for mailed items.
The Postal Service has endured financial problems for decades after legislation was passed in 2006 limiting how it spends money and what services it could offer.
President Joe Biden signed the Postal Service Reform Act on April 6, 2022, in an effort to ease financial problems.
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ILLUSTRATION Janet Loehrke, Paste BN
SOURCE Paste BN Network reporting and research; U.S. Postal Service; Associated Press