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If approved, the alteration would instrumentality effect successful July, raising the outgo of mailing services products by astir 8%.
ByJordan Valinsky, CNNWire
Wednesday, April 10, 2024 2:27PM
The US Postal Service filed a announcement with its regulators to summation prices connected First-Class "Forever" stamps to 73 cents from 68 cents.
NEW YORK -- Stamp prices are acceptable to summation - again.
The US Postal Service filed a announcement with its regulators to summation prices connected First-Class "Forever" stamps to 73 cents from 68 cents, marking yet different terms hike for the financially beleaguered national agency.
If approved by the Postal Regulatory Commission, the alteration would instrumentality effect successful July, raising the outgo of mailing services products by astir 8%.
Stamp prices unsocial person soared 36% since 2019 erstwhile they utilized to outgo 50 cents. The Postal Service past raised First-Class stamp prices by 2 cents successful January, conscionable a fewer months aft it raised prices by 3 cents successful July 2023.
In a statement, the USPS said that the "price adjustments are needed to execute the fiscal stability" sought successful the agency's 10-year program announced by Postmaster General Louis DeJoy successful 2021 to marque it much competitory and much modern.
"USPS prices stay among the astir affordable successful the world," the connection said.
Other changes see home postcard prices expanding from 53 cents to 56 cents and planetary postcard prices expanding from $1.55 to $1.65.
It's rare, but not unheard of, for the regulators to diminution USPS requests; they did truthful successful 2010. The Postal Regulatory Commission denied a terms hike because, according to its connection astatine the time, USPS "failed some to quantify the interaction of the recession connected its finances and to amusement however its complaint petition relates to the resulting nonaccomplishment of message volume."
First-Class message is becoming a smaller portion of the Postal Service's concern due to the fact that of online communication. The fig of idiosyncratic letters sent each twelvemonth has fallen by astir fractional successful the past decade.
DeJoy, appointed during the Trump administration, has pursued sweeping changes during his tenure to effort to bolster the agency's finances. USPS expects to suffer $6.3 cardinal successful 2024.
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