US Postal Service plans rate hike in 2023

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October 10 – Post office prices could soon rise as the US Postal Service presents plans to raise prices on everything from postage to PO boxes and money order fees.

In a press release issued Friday, USPS officials detailed the price changes. A first-class Forever Stamp would cost 63 cents, up from 60 cents, and postcards would go up from 44 cents to 48 cents. A 1-ounce international letter, currently priced at $1.40, would move to $1.45.

A single piece letter and the fixed extra-ounce price for letters and small items remain 24 cents.

“The proposed increase will increase First Class Mail prices by approximately 4.2% to offset the rise in inflation,” the USPS release said.

The USPS, which does not regularly receive tax dollars, has been in financial trouble for years. Many have pointed to a bill passed by Congress requiring the agency to pre-fund 75 years of retirement funds as a major impediment to the agency’s fiancés. The USPS implemented a 10-year plan in March 2021, detailing how the service plans to achieve financial stability and improve service times and performance.

“As operating costs continue to rise, these price adjustments will provide the Postal Service with much-needed revenue to achieve the financial stability pursued by the 10-year ‘Delivering for America’ plan,” the USPS said in its statement. the US Postal Service remains one of the most affordable in the world.”

The changes have already been approved by the USPS Board of Governors and will be reviewed by the Postal Regulatory Commission. If approved, the new prices will take effect on January 22, 2023.

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