The United States Postal Service on Tuesday suggested an overall increase of almost 8 percent in the stamp price, the latest in a series of stamp increases over the past three years.
The new prices will take effect in July, pending approval from an independent regulatory commission. Among other changes, the Forever stamp will cost 73 cents instead of 68 cents, and the price of a domestic postcard will increase to 56 cents from 53 cents.
The proposed changes, like several others from 2021, are part of the service’s 10-year plan to raise prices and slow some deliveries, among other measures, to try to offset $160 billion in projected losses for a decade.
The Postal Service has faced financial issues for years because, for years, it has had to fund retiree health care benefits for its employees in advance. It also faces headwinds, like other postal services around the world, as fewer people send mail. Its operations are generally not funded by tax revenues.
The price increases proposed on Tuesday must be approved by the Postal Regulatory Commissionan independent agency in Washington that oversees the Postal Service.
