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
- Xuzhou is a major city in east China's Jiangsu province with a time-honored history and splendid cul2024-05-18
HKSAR chief executive signs safeguarding national security ordinance
HKSAR Chief Executive John Lee signs the Safeguarding National Security Ordinance passed by the HKSA2024-05-18Türkiye's opposition takes election lead in key cities
ANKARA, March 31 (Xinhua) -- Türkiye's main opposition, the Republican People's Party (CHP), led in2024-05-18Rescued man from Kinmen fabricates false occupational info: Spokesperson
Chen Binhua, spokesman for the Taiwan Affairs Office of the State Council [Photo/Xinhua]A Chinese ma2024-05-18Much at stake for Barca, Xavi in Napoli trip
FC Barcelona travel for one of the most important games of their season when they face Napoli in the2024-05-18China's Qinghai sees significant growth in green coverage in 2023
Northwest China's Qinghai Province saw significant growth in land greening in 2023, according to2024-05-18
atest comment