May 25, 2024

Solid State Lighting Design

Find latest world news and headlines today based on politics, crime, entertainment, sports, lifestyle, technology and many more

USPS is seeking another round of Postal Service rate increases in 2024

USPS is seeking another round of Postal Service rate increases in 2024

The US Postal Service wants a 5-cent increase in first-class rates Forever stamps are 73 cents in July, marking the sixth time the administration has sought a service rate increase since March 2021.

Forever stamps cost 68 cents. The Postal Service filed notice of the price hikes with the Postal Regulatory Commission on Tuesday. If approved, these increases will take effect on July 14.

The proposed increase for all services would raise postal rates by about 7.8% overall. The Postal Service reported $6.5 billion net loss In November for a 12-month period ending on September 30. A decline in the use of first-class mail, to its lowest level since 1968, was part of the loss, Reuters reported.

First class stamp price changes forever

Most people use first class mail to send letters and pay bills. The service generated about $24.5 billion, or 31% of the Postal Service's revenue in 2023.

The price hikes have been part of the service for 10 years Delivery to America A plan aimed at stabilizing the Postal Service financially.

The Postal Service expects that Generating $44 billion in additional revenue by 2031.

How much will letters and postcards cost?

Under the proposal, the price per extra ounce for one-piece letters would rise to 28 cents from 24 cents, the Postal Service said. Post office box rental fees will not change and the cost of postal insurance will decrease by 10 percent.

The price of 1-ounce international postcards and letters will rise by 10 cents each, from $1.55 to $1.65.

Source: USA TODAY Network Reports and Research; United States Postal Service; Reuters