US Postal Service Wants to Increase the Cost of the First-Class Stamp Cost to 73 Cents

Just like everything else these days, inflation is hitting the postal service.

In an announcement made on Tuesday, the U.S. Postal Service revealed its intentions to raise rates, which will involve raising the price of a first-class stamp from 68 cents to 73 cents. This will be a part of a total 7.8% increase that will be implemented this summer.

The Postal Service has requested approval from the Postal Regulatory Commission for a proposed increase that they believe is crucial in achieving financial stability. If granted, the effective date for the 5-cent increase on “forever” stamps, as well as the corresponding increases on postcards, metered letters, and international mail, would be July 14.

According to the U.S. Postmaster General Louis DeJoy, postal customers should expect to see rate increases as the Postal Service aims to achieve financial independence. DeJoy stated that price hikes were long overdue due to a “defective pricing model” that has been in place for at least a decade.

The Postal Service has submitted a request for adjustments to its prices, including special services such as money order fees and certified mail. However, there will be no changes in the cost of post office box rentals, and there will be a 10% decrease in the cost of postal insurance for mailed items, according to the postal service.