USPS Plans 5 More Price Hikes for Stamps

You might want to stock up on forever stamps. The US Postal Service on Thursday announced plans to raise the cost of a first-class stamp, pushed to 73 cents in July, five more times before the end of 2027. The price will climb next July and "each January and July thereafter," the service said, per CNN. This follows a 36% increase in price since 2019, when Americans could nab a first-class stamp for 50 cents, per Axios. USPS didn't lay out how prices would be raised. Its last six increases have ranged from two to five cents.

USPS has said price increases are needed as operational costs climb and mail volume drops. "The number of individual letters sent each year has fallen by about half in the past decade," per CNN. The service, whose plans need approval from the Postal Regulatory Commission, said it "remains committed to continued cost saving measures and to keeping its products and services affordable." Even so, GOP Rep. Jake LaTurner introduced legislation Wednesday to limit "rampant stamp increases," per Axios. (More US Postal Service stories.)