Saturday, May 18, 2024

US Postal Service considers increasing price of stamps this summer

It’s no secret the cost of living continues to increase what seems like day by day. From groceries to gas to daycare to rent, it’s extremely difficult for many to keep their heads above water.

Now, the US Postal Service is considering a price hike that could potentially price many people out.

According to reports, the USPS filed a notice with its regulators to increase prices on its First-Class stamps. The federal agency wants to increase the price of a stamp from 68 cents to 73 cents.

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If approved, the change would take effect in mid-July.

While various USPS products have seen price increases over the years, the First-Class stamp has seen a significant increase since early 2019 when it was 50 cents. Over the last four years the price has increased 36 percent.

The last time we saw an increase in the cost of a stamp was January, only a few months after the USPS raised the price by three cents.

The federal agency stated the changes were “needed to achieve the financial stability” that Postmaster General Louis DeJoy proposed in 2021.

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While many may complain about the potential increase, “USPS prices remain among the most affordable in the world,” the statement read.

The proposal also includes increasing the cost of sending a postcard and an international postcard.

What do you think about the potential for a price increase? It’s likely that there aren’t as many people using First-Class mail anymore because of online communication, but still 73 cents for a stamp? That’s a lot.

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