USPS Seeks Approval to Raise Price of First-Class Mail Stamps by 4.8%

The U.S. Postal Service (USPS) announced on Monday that it is seeking approval to raise the price of first-class mail stamps from 63 cents to 66 cents, an increase of 4.8%. If approved, this would be the fifth price increase since early 2019, when a Forever stamp cost 50 cents.

The proposed hike, which is set to take effect on July 9th, is needed to offset the rise in inflation, according to the USPS. The Postal Regulatory Commission will review the proposal and make a decision on whether to approve the increase.

The USPS has seen an increase in revenue for first-class mail as price hikes have offset lower volumes. The new plan seeks to raise overall first-class mail prices by 5.4%.

The proposed increase has been met with criticism from postal experts, who point out that customers are paying more while getting less for their money. The cost of a first-class stamp would have risen nearly one-third since 2019 if the new hike is approved.

The Postal Regulatory Commission is expected to make a decision on the proposed increase in the coming weeks. Until then, the current price of 63 cents for a first-class stamp will remain in effect.