The United States Postal Service (USPS) announced this Tuesday that it might increase the price of its stamps on July 14. In this way, the measure, which still has to be approved by the Postal Regulatory Commission, would increase the cost of first-class postage stamps, called "Forever," from 68 to 73 cents. This would represent an increase of 7.8% and, in turn, it would be the second time that they would increase the cost of this product, which already experienced a significant increase in July 2023.
The increase comes at a bad time for the Postal Service. Reuters assures that the institution has raised the price of its stamps by 36% since 2019, when this product cost 50 cents. Additionally, usage of this service continues to decline, and in November of last year, USPS reported a net loss of $6.5 billion for the 12 months ending September 30. This decline was especially aggravated by low demand for first-class mail, which recorded its lowest volume since 1968.
"Financial stability," reason for USPS to increase its prices
For this reason, the company said in a statement, they have to increase the cost of the seals since "price adjustments are needed to achieve financial stability." In addition, the note reads, "USPS prices remain among the most affordable in the world" and, therefore, should allow them to increase the cost of stamps.
First class service is preferred by Americans for paying bills or sending letters to friends and family. This is the reason for its decline, since email offers this same service and, more often, is the one chosen by citizens over the traditional postal service.
It is not the only increase planned by the institution. If the measure is approved, CNN states, it would also increase the cost of prices for national postcards, which would rise from 53 to 56 cents, and for international postcards, which would rise from $1.55 to $1.65.
