It's going to cost even more money to send a letter.
The Postal Regulatory Commission approved a United States Postal Service proposal to raise the price of stamps five cents in July, from 68 cents to 73 cents for a first-class mail stamp.
The price of stamps has been increasing rapidly. This is the 19th increase since 2000 and the fifth rate-hike in the last two years. Rates last increased in January.
USPS has been aggressively hiking stamp prices and is in the middle of a 10-year restructuring plan announced in 2021 that aims to eliminate $160 billion in predicted losses over the next decade and had previously forecast 2023 as a break-even year.
In a 223-page decision, the PRC said it had no basis to reject the changes, saying they were consistent with the law.
The last nickel increase was in January 2019.
Other increases include domestic postcards rising from 53 cents to 56 cents and international postcards will increase from $1.55 to $1.65.
Keep US Posted told Axios they want Congress to pass legislation rejecting twice-annual stamp increases.
"Postal regulators are finally acknowledging that stamp hikes are driving disastrous declines in traditional mail volume," Kevin Yoder, executive director of the advocacy group, said to Axios.
USPS in November reported a $6.5 billion net loss for the 12 months ending Sept. 30 as first-class mail fell to the lowest volume since 1968. Stamp prices are up 36% over the last four years since early 2019 when they were 50 cents.
-Information from Thompson Reuters contributed to this report.
Sam Barron ✉
Sam Barron has almost two decades of experience covering a wide range of topics including politics, crime and business.
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