WASHINGTON (AP) — The U.S. Postal Service indicated on Tuesday its intention to increase rates, with a plan to raise the cost of a first-class stamp from 68 cents to 73 cents, as part of an overall 7.8% increase set to take effect this summer.
The Postal Regulatory Commission has been asked to approve the proposed increase, which the Postal Service argues is necessary for financial stability. If approved, the 5-cent increase for a “forever” stamp and similar increases for postcards, metered letters, and international mail would be implemented on July 14.
U.S. Postmaster General Louis DeJoy previously cautioned postal customers to expect uncomfortable rate hikes, as the Postal Service aims to achieve self-sufficiency. He stated that price increases were overdue after at least 10 years of a flawed pricing model.
In its filing, the Postal Service mentioned that it’s also requesting price adjustments for special services like money order fees and certified mail. However, there will be no price increase for post office box rentals, and postal insurance will be reduced by 10% when items are mailed, according to the postal service.
