WASHINGTON (dpa-AFX) - The United States Postal Service (USPS) has recently proposed an increase in the cost of a first-class stamp from 68 cents to 73 cents.
This is part of the USPS's efforts to achieve self-sustainability, as the current pricing model has been deemed defective for at least a decade.
The proposal has been submitted to the independent Postal Regulatory Commission for final approval, and if accepted, will come into effect on July 14, 2024. This proposal will result in a 7.8% increase in the cost of all mailing services products.
Apart from the increase in the price of first-class stamps, the proposed adjustments will also affect metered 1-ounce letters and international letters. The former will go up to 69 cents from 64 cents, while the latter will rise to $1.65 from $1.55.
Domestic postcards will be 3 cents more expensive, making the new price 56 cents, while international postcards will cost 10 cents more at $1.65. The Postal Service is also seeking adjustments in pricing for special services like money order fees and certified mail.
However, it is important to note that there will be no changes in the pricing for post office box rentals, and postal insurance fees will be reduced by 10% for mailed items.
This price adjustment proposal follows the USPS raising the cost of a first-class stamp twice in 2023, from 66 cents to 68 cents. Over the past two decades, the price of a first-class stamp has increased by approximately 84%. Despite this increase, the USPS stated that postal rates in the U.S. remain among the most competitive globally.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
