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
Kevin Pillar gets 1,000th career hit in Angels' win at Texas
ARLINGTON, Texas (AP) — Kevin Pillar tucked a keepsake ball into his bag from his 1,000th career hit2024-05-21- Beijing, March 27 (Youth.cn)- A domestic 5-ton natural hydrogen liquefaction system cold box was unv2024-05-21
Rice bred in southern China grows well
Beijing, January2 (Youth.cn) -On January 2nd, 2024, in the farmland of Hailuo Village, Jiyang Distri2024-05-21COP28 sets eyes on AI to fight climate change
OPEC's Secretary General Haitham Al Ghais talks to the media during the "Special Day – OPEC and the2024-05-21A warrant for Netanyahu’s arrest was requested. But no decision was made about whether to issue it
CLAIM: The International Criminal Court issued an arrest warrant for Israeli Prime Minister Benjamin2024-05-21- 2024-05-21
atest comment