The Price of Stamps Will Increase on July 10th
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The price of stamps will increase incrementally and continually. Here’s what you need to know.
The price of a stamp is going up and will continue to go up every year.
The United States Postal Service is planning to increase the price of Forever Stamps from their current cost of 58¢ to 60¢ effective on July 10th, 2022. In addition, USPS is proposing to increase the cost of metered letters, postcards, and international mail as detailed below. See this press release for more information.
Beyond that, the USPS has announced plans to raise the price of postage twice a year, every year continuing with another increase in January of 2023. 😱 Yes, gear up for this postage stamp increase happening over the summer.
The USPS said the following about the Postage Increase:
It “intends to be judicious in the use of available pricing authority, but anticipates the prospect that, given our current financial condition, the price change for each market-dominant class may be required to apply most or all pricing authority available on the date of filing.”
If you think that statement sounds somewhat ominous, you’re not alone. An industry watchdog called The Alliance of Nonprofit Mailers declared this filing “a death spiral accelerator” for the USPS. It’s also warning its members, “We assume USPS will use the full pricing authority it has at any moment.” 😬
Which classes of mail will see the biggest postage increase?
The services that will be affected by these twice-a-year price hikes include first-class mail, marketing (advertising) mail, periodicals, package services, and special services. Linn’s Stamp News points out that many of these are services in which the USPS holds a monopoly.
So why is the price of stamps increasing now?
In the past, inflation caps limited the USPS’s ability to raise the price of a stamp by keeping postage increases in line with inflation rates. But the Postal Regulatory Commission recently gave the agency additional rate authorities. This means we may be about to see historical price increases while the Postal Service tries to save itself from financial ruin, so get ready for a huge postage increase.
Stressed out by inflation? Try these 10 easy ways to save money!