Price of postage stamps to be raised soon, despite recent increase
If you're running low on stamps, you might want to buy a book sooner rather than later.
The U.S. Postal Service (USPS) is expected to raise the price of its postage stamps again, which would be the second time in 2024 that the cost of stamps has increased.
Starting July 14, a first-class mail "Forever" stamp will reportedly cost 73 cents each — a 5% jump from its current price of 68 cents.
In April, the USPS announced that it had filed notice with the Postal Regulatory Commission about its proposal for new stamp prices. The proposal also suggested that the mailing price of international postcards and letters be raised from $1.55 to $1.65.
PRECIOUS US STAMP FROM 1868 EXPECTED TO SELL FOR EYE-POPPING SUM: 'RAREST OF THE RARE'
Plastic bin with text reading United States Postal Service outdoors in Lafayette, California, June 21, 2024. (Photo by Smith Collection/Gado/Getty Images)
"The Postal Service is also seeking price adjustments for Special Services products, including Certified Mail and money order fees," the press release from April read. "Notably, there will be no price increase for Post Office Box rental fees, and the Postal Service will apply a price reduction of 10 percent for postal insurance when mailing an item."
On January 22, 2023, the price of stamps was 63 cents each. That increased to 66 cents in July of the same year, and then 68 cents in January 2024.
The USPS explained that the new prices were "needed" for the agency's financial health.
"As changes in the mailing and shipping marketplace continue, these price adjustments are needed to achieve the financial stability sought by the organization’s Delivering for America 10-year plan," the USPS said.
The cost of forever stamps is increasing from 68 to 73 cents. (Justin Sullivan/Getty Images / Getty Images)
"USPS prices remain among the most affordable in the world."
According to its website, the Delivering for America plan is "guiding the transformation of the United States Postal Service from an organization in financial and operational crisis to one that is self-sustaining and high performing."
The 10-year plan began in 2021, which was the same year that First-Class Mail Forever stamp prices rose from 55 cents to 58 cents.
USPS's ten-year Delivering for America plan began in 2021. (Hans Gutknecht/MediaNews Group/Los Angeles Daily News via Getty Images)
Fox Business reached out to the USPS for comment, but did not immediately hear back.
LINK: Get updates on this story and more at foxbusiness.com.