The Village Reporter
Post Office Announces 7.8% Increase In Stamp Prices Starting July 14
July 9, 2024
The U.S. Postal Service (USPS) is set to increase the price of stamps by approximately 7.8 percent starting July 14, marking the second price hike this year.
The agency has cited the need for these adjustments to achieve financial stability and to support its Delivering for America 10-year plan, which aims to enhance the organization’s financial and operational efficiency.
The new rates will affect various mail categories, including domestic and international letters, as well as postcards. For instance, the price for 1 oz. domestic letters will rise from 68 cents to 73 cents, while the cost of sending domestic postcards is set to increase from 53 cents to 56 cents.
Additionally, the price for delivering international letters will change from $1.55 to $1.65 per oz, with each additional ounce of mail, domestic or international, costing 24 cents to 28 cents extra.
The Postal Regulatory Commission expressed concerns about the potential widespread effects of the USPS’s proposal, stating that it does not reflect reasoned consideration and is not prudent.
The commission also highlighted worries about potential substantial declines in mailing volumes, the USPS’s financial situation, and the overall service performance of the postal agency’s products.
It urged USPS governors not to increase rates by the full amount permitted by law, emphasizing that rate increases have occurred more frequently than before and that service performance and efficiency have declined significantly.
Despite these concerns, the USPS justifies the need for these rate hikes as part of its Delivering for America plan, aiming to generate additional revenue and ensure financial sustainability.
A group of senators wrote a letter criticizing the USPS leadership for what they termed as “unsustainable” price hikes, attributing the agency’s financial situation to its policies. They pointed out that after the new postage rate hikes began to factor in, the USPS experienced significant mail volume losses and reported a net loss of $6.5 billion in the previous year.
The Alliance of Nonprofit Mailers also highlighted the substantial increase in postal rates between January 2021 and July 2024, expressing concerns about the USPS’s approach to pricing and its impact on the organization’s financial health.
The USPS’s decision to raise postage stamp prices has sparked debates and criticisms, with stakeholders expressing concerns about the potential effects on mailing volumes, the financial sustainability of the USPS, and the overall impact on the mail market.
As the agency moves forward with its pricing adjustments, it remains to be seen how these changes will unfold and whether they will achieve the intended financial stability and operational efficiency outlined in the Delivering for America plan.