The time to buy stamps is now, as prices are set to rise soon.
On July 14, the cost of first-class Forever stamps will increase from 68 cents to 73 cents, marking a significant jump of more than 7%. Additionally, the price for each additional ounce on single-piece letters will go up from 24 cents to 28 cents.
These price adjustments are part of the “Delivering for America” plan, a 10-year initiative by the USPS aimed at stabilizing its finances. The plan is expected to generate an extra $44 billion in revenue by 2031, providing much-needed financial support to the Postal Service.
U.S. Postmaster General Louis DeJoy has previously warned that Americans should brace for “uncomfortable” rate hikes as the USPS strives for self-sufficiency. He emphasized that these price increases are necessary after a decade of what he described as a “defective pricing model.”
The USPS reported a $6.5 billion loss for the fiscal year 2023 and is projecting a $6.3 billion deficit for 2024. These financial challenges underscore the need for the planned rate hikes.
According to Axios, this upcoming price change will be the 19th since 2000 and the fifth in the past two years. The Postal Service explained that these adjustments are crucial to achieving the financial stability outlined in their Delivering for America 10-year plan, especially as the mailing and shipping marketplace continues to evolve.
