The U.S. Postal Service has announced its intention to raise prices for first-class stamps in a bid to achieve financial stability. The proposed rate increase, which is subject to approval by the Postal Regulatory Commission, would raise the cost of a first-class stamp from 68 cents to 73 cents, resulting in an overall 7.8% increase set to take effect this summer.


If approved, the price adjustment would also impact other mailing services. For example, the cost of a "forever" stamp, commonly used for mailing letters, would increase by 5 cents. Similarly, postcards, metered letters, and international mail would also see similar increases. The changes are expected to be implemented on July 14.



U.S. Postmaster General Louis DeJoy has previously highlighted the need for rate hikes, emphasizing the Postal Service's aim to become self-sufficient. He pointed out that price increases were long overdue, citing a "defective pricing model" that has persisted for at least a decade.


In addition to the price adjustments for stamps, the Postal Service has filed for price changes on special services, including money order fees and certified mail. However, it's worth noting that post office box rentals will not be subject to a price increase. Furthermore, the postal insurance fee will be reduced by 10% when items are mailed, as stated by the postal service.


These proposed changes are part of the U.S. Postal Service's ongoing efforts to address financial challenges and ensure its long-term sustainability.
References:
Source: [The New York Times](https://www.nytimes.com/2022/05/10/us/usps-postage-stamp-price-increase.html)
Source: [CNN](https://www.cnn.com/2022/05/10/politics/usps-rate-increase-stamps/index.html)