Stamp Prices Are Going Up for the Third Time in a Year – CNET
The price of stamps is tipped to go up yet again. The US Postal Service said this week that it’s filed notice to increase the cost of a first-class stamp for the third time in a year, this time from 63 cents to 66 cents.
The Post Office previously raised stamp pricesand, prior to that, from 58 to 60 cents in July 2022.
The latest increase, which has already been approved by the agency’s Board of Governors, is intended to offset rising inflation, the USPS said in a statement. If approved, it would go into effect on July 9, 2023.
You can dodge the price hike, at least temporarily, by purchasing Forever stamps before July 9. Forever stamps are always valid, regardless of when they were bought or the price paid.
Other services will also become more expensive: a 1-ounce metered letter will go from 60 to 63 cents, for example, and a domestic postcard will cost 51 cents, up from 48 cents.
The Post Office is also looking to raise the fees for certified mail, money orders, post office boxes and other services.
“These price adjustments are needed to provide the Postal Service with much-needed revenue to achieve … financial stability,” the agency said. In 2021, Postmaster General Louis DeJoy unveiled a 10-year Delivering for America plan, intended to chip away at the Post Office’s mammoth debt.
The agency has been carrying an annual budget deficit of $10 billion and more than $188 billion in debts and unfunded liabilities, according to the Government Accountability Office, mostly from the underfunding of workers’ pensions and retiree medical benefits.
The Postal Service generally receives no tax dollars for operating expenses and relies solely on the sale of postage, products and services for funding.
Despite the latest hikes, the Postal Service said its prices “remain among the most affordable in the world.”