Due to inflation, US Postal Service stamp prices are rising again.
Effective this Sunday, Forever first-class stamp prices go from 60 cents to 63 cents. Officials say customers can expect price adjustments moving forward twice a year.
The Postal Regulatory Commission has approved price increases for November 2022, raising “first-class mail rates by approximately 4.2% to offset increases in inflation,” according to the United States Postal Service.
In addition to a three-cent increase in the Forever stamp, international letters and postcards will go from $1.40 to $1.45, one-ounce postage will go from 57 cents to 60 cents, and domestic postcards will go from 45 cents to 48 cents.
Forever Stamps.Ruth Bader Ginsburg and Toni Morrison on stamps to be issued by the US Postal Service in 2023
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On top of that, Priority Mail retail price drops include flat boxes and envelopes, according to the USPS. There will be no price increase for Select Ground or USPS Connect local package delivery services, single piece letters, or flat extra ounce rates.
Price changes are made twice a year
“The Postal Service expects to implement price changes in January and July of this year for all market-dominant classes in each subsequent year,” the Postal Regulatory Commission said in a statement.
Operating costs continue to rise, and the USPS is working to reduce debt. As of 2021, the USPS is expected to have $160 billion in debt over the next 10 years. The price adjustments provide “much-needed revenue to achieve the financial stability sought by the 10-year Shipping America program,” according to the USPS.
moneyInflation is finally slowing, but not fast enough for most consumers
“The cost of living is going up, so we have to raise our prices as well. Fuel goes up, cleaning supplies, food… We adjust our prices every year,” said Dearborn USPS Window Clerk, April Washington.
According to the Social Security Administration, the cost of living increase was 8.7% as of December 2022.
Perpetual stamp prices rise to 58 cents in August 2021 and then 60 cents in July 2022, Washington said.
Storage with Forever Stamps; beware of counterfeit stamps
True to its name, Forever stamps are always valid and can be purchased in bulk before Sunday’s price hike. To purchase Forever stamps, visit the USPS store online or Amazon.
To avoid scams, postal officials have warned the public to stay away from heavily discounted postage stamps online. There is no telling if stamps are genuine or not, but counterfeit stamps are usually sold in bulk online through third-party wholesalers and can be 20-50% off.
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