USPS Rate Hike
Last updated 5/10/2023 at 10:57am
The United States Postal Service (USPS) filed a notice with the Postal Regulatory Commission (PRC) of mailing services price changes to take effect on July 9, 2023.
This proposed rate increase includes a price increase in periodical mail and a three-cent increase in the price of a First-Class Mail Forever stamp from 63 cents to 66 cents.
The proposed increase would be an average of 8.1%, affecting all classes of periodical mail, including newspapers, magazines, and other publications. Also, if favorably reviewed by the Commission, the increase will raise First-Class Mail prices approximately 5.4 percent.
The price for 1-ounce metered mail will increase to 63 cents, and the price to send a domestic postcard will increase to 51 cents. A 1-ounce letter mailed to another country would increase to $1.50. There will be no change to the single-piece letter and flat additional-ounce price, which remains at 24 cents. The Postal Service is also seeking price adjustments for Special Services products including Certified Mail, Post Office Box rental fees, money order fees and the cost to purchase insurance when mailing an item.
As operating expenses fueled by inflation, including the cost of fuel, labor, and materials, continue to rise and the effects of a previously defective pricing model are still being felt, these price adjustments are needed to provide the Postal Service with much needed revenue to achieve the financial stability sought by its Delivering for America 10-year plan. The prices of the U.S. Postal Service remain among the most affordable in the world. The price changes have been approved by the Governors of the U.S. Postal Service.
The USPS has been losing money for years, and the rate increase is seen as a way to help the agency become more financially sustainable.
The proposed rate increase has been met with opposition from publishers and other stakeholders in the periodical industry. Publishers argue that the increase is too high, and that it will make it more difficult for them to reach their readers.
The USPS is currently accepting public comment on the proposed rate increase. The public comment period ends on May 9, 2023. After the public comment period ends, the USPS will make a final decision on whether or not to implement the rate increase.