USPS proposes raising stamp prices again
If approved, the stamp price increase would be the second in 2024
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The U.S. Postal Service is proposing another increase in stamp prices.
The agency on Tuesday laid out a slew of price hikes it aims to implement in July, saying they would amount to roughly 7.8% increases across mailing services.
Under the new prices put forward, USPS said it would charge 73 cents for a First-Class Mail Forever stamp, up 5 cents from the current 68 cents.
This would mark the most-recent increase since the USPS instituted a 2-cent increase on First-Class Mail Forever stamps and other changes in January.
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A worker loads mail into a delivery vehicle outside a United States Postal Service distribution center in Chicago on Oct. 12, 2021. (Luke Sharrett/Bloomberg via Getty Images / Getty Images)
Metered 1-ounce letters and international letters would also see price increases if the proposal is approved, hitting 69 cents (up from 64 cents) and $1.65 (up from $1.55), respectively, the agency said.
"The additional-ounce price for single-piece letters increases from 24 cents to 28 cents," USPS said. It did not raise that cost in January.
The cost of Forever stamps could increase to 73 cents from 68 cents if approved. (Justin Sullivan/Getty Images / Getty Images)
The proposal would also make postcards 3 cents more expensive domestically and 10 cents more internationally. That would equate to 56 cents for a domestic postcard and $1.65 for an international one, according to the agency.
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USPS said the proposed increases "are needed to achieve the financial stability sought by the organization’s Delivering for America 10-year Plan" while "changes in the mailing and shipping marketplace continue."
The price changes require sign-off from the Postal Regulatory Commission before they can be rolled out in mid-July.
The agency unveiled its "Delivering for America" plan about three years ago. Its goal is to "reverse a projected $160 billion in losses over 10 years by achieving break-even operating performance while improving the reliability and predictability of service," according to the agency.
USPS mail trucks seen in Indianapolis in August 2019. (iStock / iStock)
While the agency is proposing price hikes on multiple mailing services, it also said Tuesday it planned to keep the fees for Post Office Box rentals the same. Meanwhile, postal insurance will get 10% cheaper, it said.
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The agency handled a total mail volume of 127.3 billion in 2022, down from 128.9 billion the prior year.
FOX Business' Pilar Arias contributed to this report.