As with everything, the price of stamps has fallen victim to inflation and went up Sunday.
“The proposed prices, approved by the Governors of the U.S. Postal Service, would raise First-Class Mail prices approximately 6.5%,” the U.S. Postal Service warned in June.
They were quick to point out it could be worse, since everything else seems to cost even more.
“(This) is lower than the Bureau Labor Statistics annual inflation rate of 7.9% as of the end of February. The price changes reflect a judicious implementation of the Postal Service’s pricing authority,” they wrote.
As a result, a forever stamp, previously 58 cents, will now cost 60 cents.
This raise in price was described by Postmaster General and CEO Louis DeJoy in May as necessary due to the state of inflation, despite how the increase in prices may affect the public, and within the authority of the post office.
“Therefore, from my perspective, the mailing industry needs to be prepared for continued use of our authority to raise prices on market dominant products at an uncomfortable rate until such time as we have accomplished our objective of projecting a trajectory that shows us becoming self-sustaining,” he told the Postal Service Board of Governors on May 5.
“I believe we have been severely damaged by at least 10 years of a defective pricing model — which cannot be satisfied by one or two annual price increases — especially in this inflationary environment,” he said.
Other postal services will also go up in price. Sending a post card is up 10% to 44 cents. Each additional ounce of first-class mail will cost 24 cents more, not 20 cents. An international 1-ounce letter will go from $1.30 to $1.40.
The postal service said it is also looking at adjusting the prices of other products, like certified mail, post office boxes, money orders and package insurance.
The good news?
A 41 cent forever stamp bought when they were introduced 2007 works the same as a 60 cent forever stamp bought today.
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