US Postal Service to Increase Stamp Prices to 73 Cents
The second price hike this year aims to address financial instability amid declining mail volumes and rising operational costs.
- The cost of a first-class postage stamp will rise by 5 cents to 73 cents on Sunday.
- This is the second increase in 2024, marking the third consecutive year with two annual hikes.
- Businesses, which account for the majority of USPS revenue, are cutting back on mail usage due to higher costs.
- USPS has lost over $100 billion since 2007 and is implementing a 10-year restructuring plan to mitigate losses.
- Despite price hikes, mail volumes have dropped significantly, with first-class mail volume down 53% since 2006.
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