The U.S. Postal Service (USPS) is raising the price of postage stamps again. This marks the second price hike in 2024. It's tying the record for the biggest increase ever.
Starting Sunday, a first-class mail Forever Stamp will cost 73 cents. This is a 5-cent, or 7%, jump from the current price of 68 cents. The last 5-cent increase was in January 2019, from 50 to 55 cents.
In January 2023, stamps cost 63 cents each. That went up to 66 cents in July and then 68 cents in January 2024.
In April, USPS proposed new stamp prices to the Postal Regulatory Commission. They also suggested raising international postcard and letter prices from $1.55 to $1.65.
USPS said new prices were "needed" for financial health. They claimed USPS prices are still "among the most affordable in the world."
"As changes in the mailing and shipping marketplace continue, these price adjustments are needed," USPS explained. The adjustments support the Delivering for America 10-year plan. This plan, announced in 2021, aims to eliminate $160 billion in predicted losses.
In 2021, first-class mail Forever Stamps went from 55 cents to 58 cents.
Despite hopes to break even in 2023, USPS reported a $6.5 billion net loss for the fiscal year. Operating revenue fell $321 million to $78.2 billion. First-class mail volume hit its lowest since 1968.
USPS cited $2.6 billion in inflation costs and decreased mail volume for the losses. The 2023 fiscal year ended on Sept. 30.
Other price hikes include metered 1-ounce letters going from 64 to 69 cents. Domestic postcards will go from 53 to 56 cents. International postcards and 1-ounce letters will rise 10 cents to $1.65. The additional-ounce price for single-piece letters will jump from 24 to 28 cents.
In April, USPS said post office box rental fees would not increase. They also announced a 10% price reduction for postal insurance when mailing an item.
Beth Dozier, a spokesperson for Keep US Posted, told Axios the nonprofit is calling on Congress to fix the Delivering for America plan. They want to reject twice-annual stamp increases.
Dozier said, "USPS will continue to hike postage rates twice each year at percentages far above inflation, delay mail, and slip further into financial ruin."