USPS plans to move ahead with mail rate hike over lawmakers’ objections
The Postal Service is moving ahead with plans to raise rates later this summer, after lawmakers asked the agency to postpone the increase.
Once the new rates go into effect, USPS told lawmakers, mail volume will decrease annually by 2.3% but will bring in $1.7 billion in additional revenue — a more than a 4% increase from what the agency currently brings in.
Peter Pastre, USPS vice president of government relations and public policy, told Rep. Glenn Grothman (R-Wis.) that the price hike was an “essential component of our plan to achieve fiscal solvency.”
First-class mail, the agency’s most profitable product, saw a decline in recent years that only accelerated under the COVID-19 pandemic.