It might be a good time to stock up on those “Forever” stamps as the U.S. Postal Service requests a 10 percent increase in the basic cost of a standard first-class letter, which would go from the current 50 cents up to 55 cents.
If approved by the Postal Regulatory Commission, according to United Press International, “the 5-cent increase for a 1-ounce letter stamp would be the largest single-year increase for a stamp in USPS history. The agency’s last biggest bump in price for a 1-ounce letter stamp was 4 cents in 1991, going from 25 cents to 29 cents.”
According to Associated Press, if the USPS proposal is approved by regulators to take effect in January, while the basic domestic rate would increase, the price of each additional ounce would go down, from 21 cents to 15 cents.
Application for the increase arrives following criticism of the Postal Service by President Trump for “losing a fortune” by failing to charge higher postal rates for highly profitable retailers such as Amazon.
Associated Press claims “The Postal Service has seen years of financial losses as an unrelenting drop in mail volume and costs of its health care and pension obligations outweighed strong gains in package deliveries.”