WASHINGTON (Reuters) – The US Postal Service (USPS) is mountaineering the value of first-class mail stamps to 66 cents from 63 cents efficient Sunday.
That is the most recent in a collection of worth will increase to assist offset inflationary pressures and declining first-class mail volumes. USPS in January boosted stamp costs to 63 cents from 60 cents. The Postal Service on Sunday is elevating general first-class mail costs by 5.4% after the Postal Regulatory Fee gave approval.
Stamp costs are up 32% since early 2019 after they rose from 50 cents to 55 cents. USPS mentioned Friday “these worth changes are wanted to offer the Postal Service with a lot wanted income.” First-class mail quantity fell 3% final 12 months to the bottom quantity in 50 years and is down 51% since 2006.
First-class mail, utilized by most individuals to ship letters and pay payments, is the very best revenue-generating mail class, accounting for $24.2 billion, or 31%, of the $78.8 billion in complete USPS income in 2022.
In April, USPS lower projected losses by means of 2031 by greater than half after profitable monetary aid from Congress, instituting common worth hikes and adopting reforms.
USPS is elevating stamp costs twice yearly and expects its “new pricing coverage to generate $44 billion in further income” by 2031.
President Joe Biden signed laws in April 2022 offering USPS with $48 billion in monetary aid over a decade and required its future retirees to enroll in a authorities medical health insurance plan.
USPS has requested the Biden administration for accounting modifications for retirement contributions that will get rid of amortization funds and save USPS $2 to $3 billion per 12 months and as much as $34.6 billion over 10 years.
Reporting by David Shepardson; Modifying by Chizu Nomiyama
