The U.S. Postal Service is pushing for an increase in the price of a first-class stamp, marking the fourth hike in less than two years.
The United States Postal Service (USPS) is considering raising the price of a first-class stamp to 73 cents. This would amount to an increase of approximately 7% for all types of postage.
The plan, announced on Tuesday, proposes an increase in the price of metered 1-ounce letters to 69 cents. Additionally, international ounce-size letters and postcards would be priced at $1.65, while domestic postcards would cost 56 cents.
The independent Postal Regulatory Commission has received the proposal for final approval. Once the commission gives its approval, the new prices will come into effect in July.
The USPS has recently proposed an increase in prices following the previous hike in the cost of a first-class stamp from 66 cents to 68 cents on January 21st. It is worth noting that stamp prices have already risen twice in 2023.
Over the past two decades, the cost of a first-class stamp has increased by approximately 84%.
“It’s absolutely absurd,” exclaimed Jacqueline Pollen, a senior residing in New York City, as she left a local post office on Manhattan’s upper West Side. “Being on a fixed income, I simply cannot afford to spend so much on stamps. I still have a stash of Forever stamps that I purchased years ago, but the thought of paying 73 cents for just one stamp is daunting.”
Pollen, like millions of Americans, has chosen to reduce her usage of physical mail, including Christmas cards. She explains, “I have switched to E-cards and email as a way to save money.”
Albert Quiles, a Manhattan resident, expressed his acceptance of the increased postal prices as he was heading to the post office to buy stamps.
“I have to handle it. What other choice do I have? I have to adapt to the changes, my friend. The times are evolving,” Quiles shared with ABC News. “There’s no point in resisting. The government has set the guidelines, and we all have to follow them. It’s not just me; it’s everyone. I don’t feel guilty about it.”
The USPS has implemented a postage price increase as part of its 10-year plan called “Delivering for America.” Launched in March 2021, this plan aims to turn the organization into a self-sustaining and high-performing entity.
According to postal officials, the United States Postal Service (USPS) experienced a net loss of $6.5 billion in 2023. This was primarily due to a 0.4% decline in revenue, which amounted to $78.2 billion. Additionally, the usage of first-class mail reached its lowest point since 1968.
In 2022, customers were cautioned by Postmaster General Louis DeJoy to anticipate “uncomfortable” rises in postage fees until the USPS achieves self-sufficiency.
According to a report released in March by the USPS Office of Inspector General, the price of a standard domestic letter in the U.S. in 2023 was nearly half the average price in our 31 sampled countries.