The U.S. Postal Service is seeking an increase in the price of a first-class stamp, marking the fourth time in less than two years.
The United States Postal Service (USPS) is considering raising the price of a first-class stamp to 73 cents, which would result in a roughly 7% increase across all types of postage.
The plan, announced on Tuesday, seeks to raise the prices of metered 1-ounce letters to 69 cents, international ounce-size letters and postcards to $1.65, and domestic postcards to 56 cents, if approved.
The independent Postal Regulatory Commission received the proposal for final approval. Once approved, the new prices will be implemented in July.
In January 21st, the USPS increased the price of a first-class stamp from 66 cents to 68 cents. This proposal for a price hike comes after stamp prices were already raised twice in 2023.
Over the last 20 years, the price of a first-class stamp has increased by approximately 84%.
“It’s ridiculous, absolutely ridiculous,” New Yorker Jacqueline Pollen told ABC News as she left a post office on Manhattan’s Upper West Side. “I’m a senior with a fixed income. I can’t really afford stamps for that much. I do have a lot of Forever stamps that I bought years ago and am using up, but I’m not sure how I’ll spend 73 cents for one stamp.”
Pollen, like millions of Americans, has reduced the number of letters she sends, including Christmas cards, adding, “I use e-cards and emails. That’s what I do now to save money.
Albert Quiles, a Manhattan resident, said he’s used to paying higher postal rates as he headed to the post office to buy stamps.
“I need to deal with it. What else could you do? “You must adapt to the changing circumstances,” Quiles stated to ABC News. “There is nothing you can do. The government says you have to do this. It’s not just me; it’s everybody. I do not feel horrible about it.”
The USPS announced a 10-year “Delivering for America” strategy in March 2021 to transform it from a cash-strapped business to one that is self-sustaining and high-performing, which includes the mail price increase.
The USPS reported a $6.5 billion net deficit in 2023, as revenue declined 0.4% to $78.2 billion and first-class mail usage plummeted to its lowest level since 1968, postal officials said.
In 2022, Postmaster General Louis DeJoy warned customers to expect “uncomfortable” postage increases until the USPS became self-sustaining.
At a 2022 meeting with the USPS Board of Governors, DeJoy stated, “While the Board of Governors ultimately makes our pricing decisions, I will most likely be advocating for these increases in the near term.” “At least 10 years of a defective pricing model have severely damaged us, and one or two annual price increases cannot satisfy us, especially in this inflationary environment.”
A USPS poll from 2023 revealed that stamp prices in the US continue to be lower than those in 31 other countries, despite the postage price increase.
“The 2023 price of a standard domestic letter in the United States was nearly half the average price in our 31 sampled countries.” according to a March study from the USPS Office of Inspector General.
