{"id":33329,"date":"2023-07-09T11:27:56","date_gmt":"2023-07-09T15:27:56","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/us-postal-service-hiking-stamp-prices-sunday\/"},"modified":"2023-07-09T11:27:57","modified_gmt":"2023-07-09T15:27:57","slug":"us-postal-service-hiking-stamp-prices-sunday","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=33329","title":{"rendered":"US Postal Service hiking stamp prices Sunday"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A person enters a United States Postal Service (USPS) Post Office in Manhattan, New York City, U.S., May 9, 2022. REUTERS\/Andrew Kelly<\/span>
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By David Shepardson<\/p>\n

WASHINGTON (Reuters) – The United States Postal Service (USPS) is hiking the price of first-class mail stamps to 66 cents from 63 cents effective Sunday.<\/p>\n

This is the latest in a series of price increases to help offset inflationary pressures and declining first-class mail volumes. USPS in January boosted stamp prices to 63 cents from 60 cents. The Postal Service on Sunday is raising overall first-class mail prices by 5.4% after the Postal Regulatory Commission gave approval.<\/p>\n

Stamp prices are up 32% since early 2019 when they rose from 50 cents to 55 cents. USPS said Friday “these price adjustments are needed to provide the Postal Service with much needed revenue.” First-class mail volume fell 3% last year to the lowest number in 50 years and is down 51% since 2006.<\/p>\n

First-class mail, used by most people to send letters and pay bills, is the highest revenue-generating mail class, accounting for $24.2 billion, or 31%, of the $78.8 billion in total USPS revenue in 2022.<\/p>\n

In April, USPS cut projected losses through 2031 by more than half after winning financial relief from Congress, instituting regular price hikes and adopting reforms.<\/p>\n

USPS is raising stamp prices twice yearly and expects its “new pricing policy to generate $44 billion in additional revenue” by 2031.<\/p>\n

President Joe Biden signed legislation in April 2022 providing USPS with $48 billion in financial relief over a decade and required its future retirees to enroll in a government health insurance plan.<\/p>\n

USPS has asked the Biden administration for accounting changes for retirement contributions that would eliminate amortization payments and save USPS $2 to $3 billion per year and up to $34.6 billion over 10 years. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A person enters a United States Postal Service (USPS) Post Office in Manhattan, New York City, U.S., May 9, 2022. REUTERS\/Andrew Kelly By David Shepardson WASHINGTON (Reuters) – The United States Postal Service (USPS) is hiking the price of first-class mail stamps to 66 cents from 63 cents effective Sunday. This […]<\/p>\n","protected":false},"author":1,"featured_media":1465,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-33329","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nUS Postal Service hiking stamp prices Sunday | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: A person enters a United States Postal Service (USPS) Post Office in Manhattan, New York City, U.S., May 9, 2022. 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