It may be time to stock up on stamps to save a few bucks when sending bills and birthday cards.
The U.S. Postal Service has requested a rate increase of approximately 4.8% across the board for its mailing services. The price of a domestic first-class letter stamp would rise 4 cents to 82 cents, while postcard stamps would increase to 65 cents. International stamps would go up 5 cents to $1.75.
Last month, Postmaster General David Steiner proposed raising the price of a first-class stamp from 78 cents to between 90 and 95 cents.
If approved, it would mark the eighth price increase for first-class stamps in the past five years. The price was 55 cents in August 2021 before rising to 58 cents. Since then, stamp prices have increased by 2 to 3 cents at a time, often twice a year.
According to CBS News, Steiner said the increase could help address some of the agency’s financial challenges, as it is currently running a $9 billion deficit. The Postal Regulatory Commission reports that mail volume has declined by more than 100 billion pieces since 2006, while efficiency has also decreased.
Steiner told a congressional panel the USPS could run out of cash within 12 months if it cannot sell more products, cut additional costs and raise prices.
If approved by the Postal Regulatory Commission, the price changes would take effect in July. Even with the increase, U.S. stamp prices would remain lower than those in countries such as Canada, Brazil, Italy and the United Kingdom.
