US Postal Service seeks to hike stamp prices to 73 cents
The United States Postal Service (USPS) said on Tuesday it wants to raise the price of first-class mail stamps to 73 cents from 68 cents effective July 14.
The proposal, which must be approved by the Postal Regulatory Commission, would raise mailing services product prices by 7.8%.
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.
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 breakeven year.
USPS has been raising stamp prices twice yearly and has said it expects its "new pricing policy to generate $44 billion in additional revenue" by 2031.
A number of lawmakers have raised concerns about USPS planned changes to its processing and delivery network that could impact timely deliveries.
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 -- but revenue increased by $515 million because of higher stamp prices.
Related articles
Sports Emmy Awards will honor 8 individuals as Gold and Silver Circle inductees
NEW YORK (AP) — The National Academy of Television Arts & Sciences will honor eight individuals2024-05-01China's golden week glitters with booming tourism, cultural consumption
People visit Donghu Lake scenic spot in Wuhan, central China's Hubei Province, Oct. 1, 2023. Peo2024-05-01Liaoning lead title contenders into CBA playoffs
Tianjin Pioneers forward David James' pivotal block in overtime both ended the Guangdong Souther2024-05-01Are America's paternity rights moving BACKWARDS? Major law firm quietly cuts leave for new parents
A major law firm has quietly cut the amount of paternity leave it offers the majority of its attorne2024-05-01Swiatek rallies against Haddad Maia to reach Madrid Open semis
MADRID (AP) — Iga Swiatek came from a set down to defeat Beatriz Haddad Maia 4-6, 6-0, 6-2 and reach2024-05-01Chongqing springs to life on summer nights
Chongqing, a mountainous metropolis in Southwest China known for its spicy food and hot weather, now2024-05-01
atest comment