Posted on 07/03/24
| News Source: FOX45
Baltimore, MD - July 3, 2024 - The United States Postal Service (USPS) will raise the price for stamps this month.
According to USA TODAY, the prices for all of USPS's services will rise by more than 7.5%. Per the outlet, the cost of Forever stamps will be hiked from 68 cents to 73 cents on July 14, an increase of more than 7%.
The hikes are part of USPS's ten-year "Delivering for America" plan. First published in 2021, USPS said the plan was designed to transform the postal service "from an organization in financial and operational crisis to one that is self-sustaining and high performing."
Forever stamps cost 55 cents when the plan was first introduced.
According to USA TODAY, First-Class Mail made up more than 30% of USPS's revenue last year. Per the outlet, post office officials expect the plan to generate $44 billion in additional revenue by 2031.
Postal insurance costs will decrease by 10%, per USA TODAY. International postcards and international one-ounce letters will see a price hike from $1.55 to $1.65, per the outlet.