US Postal Service proposes stamp price hike to 78 cents

In the United States, the U.S. Postal Service submitted a request to the Postal Regulatory Commission on Wednesday, aiming for a rate increase expected to take effect on July 13. This proposal includes a hike in the price of a 'forever' stamp from 73 cents to 78 cents, along with similar increases for postcards, metered letters, and international mail. If approved, these changes would elevate mailing service prices by about 7.4%. The Postal Service has stated that these increases are essential for achieving financial stability, particularly after facing significant challenges over the past decade. Former U.S. Postmaster General Louis DeJoy had cautioned postal customers to prepare for such uncomfortable rate hikes, arguing that price adjustments have been overdue following a flawed pricing model for many years. Following DeJoy's resignation in March, Deputy Postmaster General Doug Tulino temporarily stepped into the role of postmaster general while a permanent replacement is sought. The agency’s struggles can be attributed to the decline in first-class mail volume, alongside broader operational changes proposed by previous administrations that considered options such as privatizing mail service and restructuring USPS under the Department of Commerce in efforts to address ongoing financial losses, given its large scale as a $78 billion-a-year entity.