According to recent reports, the US Postal Service (USPS) is preparing to raise the cost of first-class “forever” stamps on Sunday, which will impact American households and businesses financially. This will be the second price increase this year and the fifth since 2019, reflecting a continuing trend of rising prices.
The price adjustment aims to offset increasing operational expenses. The cost of a standard forever stamp will rise by three cents, going from the current 63 cents to 66 cents. Additionally, other postal services will also undergo price adjustments. For example, one-ounce metered letters will increase to 63 cents, domestic postcards will be raised to 51 cents, and international postcards and one-ounce letters will see an increase to $1.50.
According to a USPS statement from April, these price adjustments are necessary to generate much-needed revenue for the Postal Service, aligning with its Delivering for America 10-year plan and its goal of achieving financial stability.
It’s worth noting that these changes come at a time when many individuals and businesses are still recovering from the financial impacts of the global pandemic.
Critics have raised concerns about the efficiency of the service’s operations and fiscal management, especially as the price hike follows a reported increase in operating revenue during the first quarter of 2023. Postal officials argue that the service operates in a business-like manner, aiming to generate revenue, reduce costs, and fulfill its obligation to deliver mail to all US addresses at a reasonable price.
In addition to the price increase, the USPS plans to introduce a new package shipping service called USPS Ground Advantage in response to market trends indicating a decline in retail and commercial pricing.
Despite these changes, customers should be prepared for potential effects as the price hikes have already received approval from the Postal Regulatory Commission and the Governors of the US Postal Service.
While the USPS remains an essential service, the question remains: how much more can American households and businesses bear in terms of cost increases amidst current economic pressures?
