WASHINGTON (dpa-AFX) - The United States Postal Service is looking to increase prices again as it faces what it's calling a 'serious financial crisis.'
If the proposal gets the green light, the price of a First-Class Mail Forever stamp will jump by four cents to 82 cents, with the hike scheduled to kick in on July 12. This proposal was sent to the Postal Regulatory Commission and would bump up overall mailing costs by about 4.8%, affecting letters as well as postcards.
This comes right on the heels of USPS suggesting an 8 percent surcharge on package and express deliveries to help counterbalance the rising fuel prices tied to global disruptions, including the situation in Iran. USPS mentioned that these price increases are crucial to handle escalating operational costs while still fulfilling its universal service obligations.
On top of that, the agency is also implementing other cost-saving strategies, like halting employer contributions to retirement benefits for federal employees, in order to keep its finances stable. Postmaster General David Steiner recently informed lawmakers that if spending stays on the current track, the agency risks running out of cash within a year.
One of the main issues contributing to this financial pressure is a long-term drop in mail volume, which has decreased by over 104 billion pieces each year since 2006, taking a substantial hit on revenue.
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