The U.S. Postal Service (USPS) will raise the price of its postage stamps today, making it the second price hike this year and the biggest hike ever. A first-class Forever Stamp will now cost 73¢ each, a 5¢ hike from its current price of 68¢. The USPS says that the price adjustments are needed to achieve the financial stability sought by the organization’s restructuring plan that was announced in 2021 and aims to eliminate $160 billion in predicted losses. Other price hikes include metered 1-ounce letters going up from 64¢ to 69¢, postcards sent domestically will increase from 53¢ to 56¢, and international postcards and 1-ounce letters will go up 10¢ to $1.65. There is no price increase for post office box rental fees, and the USPS will apply a price reduction of 10% for postal insurance when mailing an item. Beth Dozier, a spokesperson for Keep US Posted, a nonprofit watchdog, said the group is calling on Congress to file legislation to fix the USPS’s restructuring plan and reject the twice-annual stamp increases. “The USPS will continue to hike postage rates twice each year at percentages far above inflation, delay mail, and slip further into financial ruin,” said Dozier.
