The United States Postal Service has filed notice with the Postal Regulatory Commission of price changes to its mailing services, which are set to take effect on July 14th, 2024.
These new rates include a 5-cent increase in the price of stamps from 68 cents to 73.
The proposed adjustments, which have been approved by the governors of the Postal Service, would raise overall mailing prices by roughly 7.8%.
This increase ties with the Postal Service’s highest increase ever back in 2019 when the price went from 50 cents to 55, however that had been after a full year, whereas this price change comes after only 6 months of the previous change.
This is a continuation of a recent trend of frequent price increases since the turn of the century.
Between 1988 and 2014, the price increased 24 cents, from 25 to 49 cents in 26 years, which is the same amount it has increased between 2014 and this new filing, a mere 10 years in comparison.
Along with the increase of basic letter prices, the other mailing services are also receiving price increases:
- Letters (1 ounce) are increasing from 68 cents to 73
- Letters (metered 1 ounce) are increasing from 64 cents to 69
- Domestic Postcards are increasing from 53 cents to 56
- International Postcards are increasing from $1.55 to $1.65
- International Letters (1 ounce) are increasing from $1.55 to $1.65
The additional-ounce price of letters is also increasing from 24 cents to 28.
The Postal Service is also seeking price adjustments for Special Services products, including Certified Mail and money order fees.
There will be no price increase for Post Office Box rental fees, and the Postal Service will apply a price reduction of 10 percent for postal insurance when mailing an item.
USPS claims, “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. USPS prices remain among the most affordable in the world.”
The Postal Regulation Commission will review the changes before they are scheduled to take effect.