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Agency approves plan to hike US stamp prices to 73 cents

May 31, 2024
stamps

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WASHINGTON, May 31 (Reuters) – A request by the U.S. Postal Service (USPS) to raise prices of first-class mail stamps to 73 cents from 68 cents effective July 14 has been approved, regulators said Friday.
The plan, announced in April and approved by the Postal Regulatory Commission, will raise overall mailing services product prices by 7.8%. USPS said this month it is also seeking an average 25% price hike for high-volume shippers to enter packages for regional delivery through its Parcel Select service.
USPS has said it expects its “new pricing policy to generate $44 billion in additional revenue” by 2031.,
First-class mail volume fell 6.1% in the 12 months ending Sept. 30, 2023 to 46 billion pieces and is down 53% since 2006 — to the lowest volume since 1968.
First-class mail, used by most people to send letters and pay bills, is the highest revenue-generating mail class, accounting for $24.5 billion, or 31% of USPS 2023 revenue.
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