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Postal Service director explains stamp process
William J. Gicker, director of stamp services for the US Postal Service, explains how individuals or chosen to appear on stamps.
null - The price of stamps is poised to increase yet again.
In April, the United States Postal Service filed a notice with the Postal Regulatory Commission for another price change to take effect on July 14, 2024.
The new proposed rates would include a 5-cent increase in the price of a First-Class Mail Forever stamp from 68 cents to 73 cents. This will be the second price hike this year and one of its highest hikes yet.
Domestic postcards will also increase from 53 cents to 56 cents.
FILE: U.S. Forever stamps. (Photo by Mario Tama/Getty Images)
"As changes in the mailing and shipping marketplace continue, these price adjustments are needed to achieve the financial stability sought by the organization’s Delivering for America 10-year plan. USPS prices remain among the most affordable in the world," USPS wrote in a press release on April 9.
The proposed adjustments, which were approved by the governors of the Postal Service, would raise mailing services product prices by approximately 7.8%.
EARLIER: USPS proposes raising stamp prices again
The cost of mailing internationally will also increase. The cost to mail international letters and postcards increased from $1.55 to $1.65.
In January, the cost of First-Class Mail Forever stamps increased from 66 cents to 68 cents.
Cost of stamps over the decades
In November, the USPS reported a $6.5 billion net loss for fiscal year 2023 despite initially aiming to break even.
The price changes also come as many Americans continue to be affected by high and ongoing inflation. The postal service maintains their prices are "among the most affordable in the world."
This story was reported from Los Angeles. FOX Business contributed.