US Postal Service seeks to hike stamp prices to 73 cents
The United States Postal Service (USPS) said on Tuesday it wants to raise the price of first-class mail stamps to 73 cents from 68 cents effective July 14.
The proposal, which must be approved by the Postal Regulatory Commission, would raise mailing services product prices by 7.8%.
USPS in November reported a $6.5 billion net loss for the 12 months ending Sept. 30 as first-class mail fell to the lowest volume since 1968. Stamp prices are up 36% over the last four years since early 2019 when they were 50 cents.
USPS has been aggressively hiking stamp prices and is in the middle of a 10-year restructuring plan announced in 2021 that aims to eliminate $160 billion in predicted losses over the next decade and had previously forecast 2023 as a breakeven year.
USPS has been raising stamp prices twice yearly and has said it expects its "new pricing policy to generate $44 billion in additional revenue" by 2031.
A number of lawmakers have raised concerns about USPS planned changes to its processing and delivery network that could impact timely deliveries.
First-class mail volume fell 6.1% in the 12 months ending Sept. 30, 2023, to 46 billion pieces and is down 53% since 2006 -- to the lowest volume since 1968 -- but revenue increased by $515 million because of higher stamp prices.
Related articles
Hall of Fame outfielder Ken Griffey Jr. to lead Indianapolis 500 field in Corvette pace car
INDIANAPOLIS (AP) — Hall of Fame outfielder Ken Griffey Jr. will drive the pace car for the 108th ru2024-05-21What visitors on £100 Balmoral tours will see: Tourists can wander Drawing Room
The Balmoral Estate announced this week that royal fans will soon, for the first time, be able to wa2024-05-21David de Gea jokingly asks 'who' as he responds to former Man United team
David de Gea couldn't resist poking fun at Cristiano Ronaldo after his former team-mate announced hi2024-05-21Jennifer Lopez bares her washboard abs in a tiny grey crop top and low
Jennifer Lopez showed off her enviable abs in a tiny grey crop top and a pair of low-rise sweatpants2024-05-21Not so Cool Britannia! Noel Gallagher gives damning verdict on Keir Starmer
Noel Gallagher has insisted he would still back Tony Blair for PM - as he warned Keir Starmer not to2024-05-21Edoardo Mapelli Mozzi drives wife Princess Beatrice and his son Wolfie and sister
Edoardo Mapelli Mozzi has been photographed driving through Windsor with his wife Prince Beatrice, 32024-05-21
atest comment