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Postal Service director explains stamp process
William J. Gicker, director of stamp services for the US Postal Service, explains how individuals or chosen to appear on stamps.
WASHINGTON - The price of stamps has increased again.
In October, the United States Postal Service filed a notice with the Postal Regulatory Commission of mailing services for another price change to take effect on January 21, 2024.
"As inflationary pressures on operating expenses continue and the effects of a previously defective pricing model are still being felt, these price adjustments are needed to provide the Postal Service with much-needed revenue to achieve the financial stability sought by its Delivering for America 10-year plan. The prices of the Postal Service remain among the most affordable in the world," USPS wrote in a press release last year.
The new rates include a 2-cent increase in the price of a First-Class Mail Forever stamp, from 66 cents to 68 cents. Single stamps are for letters weighing one ounce or less. The additional-ounce price will remain the same at 24 cents.
Stacks of boxes holding cards and letters are seen at the U.S. Post Office sort center December 15, 2008 in San Francisco, California. (Credit: Justin Sullivan/Getty Images)
The cost of mailing postcards also went up, whether they are sent domestically or internationally. The cost to mail international letters increased from $1.50 to $1.55.
Last year, the cost of First-Class Mail Forever stamps increased from 60 cents to 66 cents.
Cost of stamps over the decades
In November, the USPS reported a $6.5 billion net loss for fiscal year 2023 despite initially aiming to break even.
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The price changes also come as many Americans continue to be affected by high and ongoing inflation. The postal service maintains their prices are "among the most affordable in the world."
This story was reported from Los Angeles. FOX Business contributed.