[ad_1]
The U.S. Postal Service (USPS) will raise the price of its postage stamps again on Sunday, the second price hike in 2024, with the increase tying the record for the biggest hike ever.
From Sunday, a first-class mail Forever Stamp will cost 73 cents each — a 5 cent, or 7%, rise from its current price of 68 cents. The only other 5 cent increase occurred in January 2019, when first-class stamps increased from 50 to 55 cents.
In January 2023, the price of stamps was 63 cents each. That increased to 66 cents in July of the same year and then to 68 cents in January 2024.
POSTAL SERVICE HITS BACK AT CRIME SUCH AS MAIL THEFT AND POSTAL FRAUD
The cost of a Forever Stamp is increasing from 68 cents to 73 cents. (Justin Sullivan/Getty Images / Getty Images)
In April, the USPS announced that it had filed notice with the Postal Regulatory Commission about its proposal for new stamp prices. The proposal also suggested that the mailing price of international postcards and letters be raised from $1.55 to $1.65.
The USPS in April explained that the new prices were “needed” for the agency’s financial health and that USPS prices remain “among the most affordable in the world.”
“As changes in the mailing and shipping marketplace continue, these price adjustments are needed to achieve the financial stability sought by the organization’s Delivering for America 10-year plan,” the USPS said. Delivering for America is a 10-year restructuring plan that was announced in 2021 and aims to eliminate $160 billion in predicted losses.
In 2021, first-class mail Forever Stamp prices rose from 55 cents to 58 cents.
PRECIOUS US STAMP FROM 1868 EXPECTED TO SELL FOR EYE-POPPING SUM: ‘RAREST OF THE RARE’
A Forever Stamp display at a Costco store in Queens, New York. (Lindsey Nicholson/UCG/Universal Images Group via Getty Images / Getty Images)
However, while the USPS had hoped to break even in 2023 as part of the plan, it instead reported a $6.5 billion net loss for fiscal year 2023. The Postal Service said operating revenue fell $321 million, or 0.4%, to $78.2 billion compared to the same period last year, as first-class mail fell to its lowest volume since 1968.
The federal entity pointed to $2.6 billion in inflation costs and a decrease in mail volume for the significant losses. The 2023 fiscal year ended on Sept. 30.
Other USPS price hikes this weekend include seeing metered 1-ounce letters going up from 64 cents to 69 cents, postcards sent domestically will go from 53 cents to 56 cents, and international postcards and 1-ounce letters will go up 10 cents to $1.65. The additional-ounce price for single-piece letters will jump four cents, from 24 cents to 28 cents.
In April, the USPS said there would be no price increase for post office box rental fees, and the Postal Service will apply a price reduction of 10% for postal insurance when mailing an item.
CLICK HERE TO READ MORE ON FOX BUSINESS
The USPS will raise the price of its postage stamps again on Sunday, the second price hike in 2024, with the increase tying the record for the biggest hike ever. (FNC / Fox News)
Beth Dozier, a spokesperson for Keep US Posted, a nonprofit watchdog, told Axios that it is calling on Congress to file legislation to fix the Delivering for America plan and reject the twice-annual stamp increases.
Dozier told the outlet that the USPS will continue to “hike postage rates twice each year at percentages far above inflation, delay mail, and slip further into financial ruin.”
FOX Business reached out to the USPS for comment but did not immediately hear back.
FOX Business’ Andrea Vacchiano contributed to this report.
[ad_2]
Source link