- The U.S. Postal Service (USPS) has announced a price increase for a First-Class Mail Forever stamp from 66 to 68 cents, effective from Jan. 21, 2024.
- The price adjustments are part of USPS’s Delivering for America 10-year plan, aimed at achieving financial stability.
- Other mailing services, including the cost of mailing postcards and international letters, are also set to increase, with package shipping costs expected to rise by nearly 6%.
The U.S. Postal Service (USPS) has announced that the price of stamps will rise again in 2024. A First-Class Mail Forever stamp will increase from 66 to 68 cents, effective from Jan. 21. This price is for single stamps used for letters weighing one ounce or less. The additional-ounce price will remain the same at 24 cents.
The USPS justifies the price increase by citing inflationary pressures on operating expenses. The effects of a previously defective pricing model are still being felt, and these price adjustments are necessary. They aim to provide the Postal Service with much-needed revenue to achieve the financial stability sought by its Delivering for America 10-year plan.
The adjustments, which have been approved by the governors of the Postal Service, raise mailing services product prices by about 2%. This includes the cost of mailing postcards, whether they are sent domestically or internationally. The cost to mail international letters is also set to rise, from $1.50 to $1.55.
Package shipping costs are also expected to increase, with ABC News reporting a nearly 6% rise. This will be the second stamp price hike since the summer, as the USPS raised stamp prices from 63 to 66 cents in July.
Despite initially aiming to break even, the USPS reported a $6.5 billion net loss for fiscal year 2023 in November. However, the USPS assures that previously purchased Forever stamps may still be used following the price increase, hence their name.
In their press release, the postal service maintains their prices are “among the most affordable in the world.”
Clear Thoughts (op-ed)
The U.S. Postal Service (USPS) is once again hiking up the price of stamps, a move justified under the guise of a 10-year plan for financial stability.
The increase from 66 to 68 cents may seem small, but it’s part of a worrying trend.
This is the second increase in just a year, reflecting an organization struggling to stay afloat amid a sea of inefficiencies.
The USPS’s claim that their prices are “among the most affordable in the world” rings hollow when they reported a $6.5 billion net loss for fiscal year 2023.
Rising costs will not lead to better service, only more expensive inefficiency.
The USPS needs a true overhaul, not just a stamp price hike.
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