Postal Service seeks first-class mail stamp price hike to 82 cents

US Postal ServiceOn Thursday, citing what he called a “serious financial crisis,” he announced a series of price increase proposals across postal products, including a four-cent increase on First Class Mail. forever stamps.

The increases, if approved, would lead to a first-rate increase make a mark It costs 82 cents starting July 12.

Agency offer Postal Regulatory Commission If approved, it would increase letter and postcard mailing costs by 4.8%.

The proposal comes weeks after the Postal Service proposed imposing an 8% fuel surcharge on package and express mail deliveries to help offset the difficult financial situation in Iran as well as rising fuel costs during the Iran war.

USPS said in a statement Thursday that “the Postal Service continues to face a serious financial crisis and rising operational costs.”

“The Postal Service is using all available tools, including existing regulatory pricing authority, to ensure that we can continue to meet our universal service obligation and serve the American people,” the agency said. he said. Press release.

The agency is also in question Employer will suspend contributions Federal Employees Retirement System annual income to be able to continue making payroll, paying suppliers, and delivering the mail.

Postmaster General David Steiner in March said the House Oversight Committee It states that at current spending levels, USPS will run out of cash “in less than 12 months.”

Although it is a federal agency, the Postal Service does not receive tax money and instead relies on sales of its products and services to fund its operations.

The sharp decline in mail volume contributed to the financial crisis. Steiner said at the March hearing that the Postal Service has seen a decline in mail volume by more than 104 billion pieces of mail per year since 2006, which equates to about $81 billion at the current stamp price of 78 cents.