WASHINGTON — First-Class Mail Forever stamps will cost more in a couple weeks as the U.S. Postal Service's latest price hike takes effect later in July.
The Postal Service proposed a rate increase in April that would raise the cost of a First-Class Mail Forever stamp by 5 cents starting July 14. The jump from 68 cents to 73 cents is part of an overall 7.8% increase to take effect this summer.
U.S. Postmaster General Louis DeJoy previously warned postal customers to get used to “uncomfortable" rate hikes as the Postal Service seeks to become self-sufficient. He said price increases were overdue after “at least 10 years of a defective pricing model.”
In its April filing, the Postal Service said it was also seeking price adjustments on special services such as money order fees and certified mail. But there will be no price increase for post office box rentals, and postal insurance will be reduced by 10% when items are mailed, the postal service said.
The request was made to the Postal Regulatory Commission, which approved the proposal that the Postal Service said was necessary to achieve financial stability. At the time of the proposal, the postal service said that its prices remain among the most affordable in the world.
"Forever" stamps, which cover the cost to send a standard letter no matter when they were purchased or at what price, have seen a number of price hikes in the last few years, including one in January.