Postage Price Hike
Last updated 8/1/2022 at 11:23am
Effective July 10, the United States Postal Service raised its prices for Forever stamps, as well as mailing First-Class Mail.
Forever Postage Stamps have gone up from 58 cents to 60 cents. USPS last raised its prices of a Forever stamp in August, from 55 cents to 58 cents.
A Forever stamp, as its name suggests, can be used to mail a letter regardless of when it was purchased. That means if you bought a book of Forever stamps 10 years ago, when the price was 45 cents each, you can still use them to mail letters now, even though prices have climbed.
The following USPS price hikes are also set to kick in on July 10:
Current Cost – Cost after July 10
Letters (1 oz.):
58 cents to 60 cents
Letters (metered 1 oz.):
53 cents to 57 cents
Letters (addtl. oz.):
20 cents to 24 cents
40 cents to 44 cents
International Letters (1 oz.):
$1.30 to $1.40
The price hike, which raises the cost of First-Class Mail by 6.5%, is still lower than high inflation rates, the Postal Service said. The cost of all goods is up 8.6% over the past year, according to the Bureau of Labor Statistics.
Americans should get used to “uncomfortable” postage rate increases in coming years as the U.S. Postal Service seeks to become self-sufficient, Postmaster General Louis DeJoy, said in May.
“I believe we have been severely damaged by at least 10 years of a defective pricing model which cannot be satisfied by one or two annual price increases, especially in this inflationary environment,” he added.
“With the new prices, the Postal Service will continue to provide the lowest letter-mail postage rates in the industrialized world and offer a great value in shipping,” the USPS statement reads.
The agency, which receives no direct taxpayer funds, has been losing money for the last 14 years. It expects to lose another $110 billion over the next decade.
The reasons are obvious. Revenue from first-class mail has all but vanished amid the switch to digital communications.
The Postal Service also has been hamstrung by paying into a health benefit fund for current and retired employees for 75 years into the future.
President Joe Biden signed legislation to save the post office’s six-days-a-week delivery service. The legislation cleared Congress last month after years of discussion and comes amid widespread complaints about mail service slowdowns.
Officials had repeatedly warned that without congressional action, the Postal Service would run out of cash by 2024. The final bill achieved rare, bipartisan support by scrapping some of the more controversial proposals to settle on core ways to save the service.
Delivering the mail is among the most popular things the government does, with 91% of Americans having a favorable opinion of the Postal Service, according to a Pew Research Center poll released in 2020.