When it comes to stamps, the word "forever" on first-class mail doesn't apply to prices.
The U.S. Postal Service is signaling that the price of a First-Class Mail Forever stamp will increase to 73 cents on July 14, 2024, up by a nickel from the 68 cents one currently costs.
When first introduced in 2007, a Forever stamp was 41 cents. The stamps were named as such so one knew they could use the stamp "forever," regardless of when it was purchased.
The latest proposed changes — to be reviewed and approved by the governors of the Postal Service — also include a nickel hike to the price to mail a 1-ounce metered letter, to 69 cents, the postal service said Tuesday in a news release.
Mailing a postcard domestically will run you 56 cents, a 3-cent increase, while the price of mailing postcards and letters internationally are both rising by a dime to $1.65.
All told, the proposed changes represent a roughly 7.8% increase in the price of sending mail through the agency.
Notably, the price of renting a Post Office Box is not going up, and USPS will reduce the cost of postal insurance 10% when mailing an item, it said.
The price of Forever stamps increased to 68 cents in January, up from 66 cents.
These price hikes, part of the Postal Service's 10-year strategy to become profitable, are negatively impacting mail volume and the USPS's financial performance, as noted by Keep US Posted, a non-profit organization representing consumers, nonprofits, newspapers, greeting card companies, magazines, and catalogs.
Keep US Posted has urged for the proposed price increases to be rejected and has called on Congress to conduct a thorough review of the Postal Service's operations, referencing a study conducted by NDP Analytics in March.
In November, USPS announced a $6.5 billion loss for fiscal year 2023 and is anticipating a $6.3 billion deficit in 2024.
