The United States Postal Service, citing “severe financial distress”, has proposed a stamp price increase that would increase the price of a First Class Mail Forever stamp to 82 cents.
According to CNBC, the proposed increase of four cents would take effect July 12 if approved by the Postal Regulatory Commission.
Overall, mailing costs would increase by about 4.8 percent under the plan.
The agency said this step is necessary to address rising operating expenses and ongoing financial pressure.
“The Postal Service is using all available tools, including available regulatory pricing authority, to ensure we can continue to meet our universal service obligation and serve the American public,” it said in a press release.
The proposal follows a separate plan to impose an 8 percent fuel surcharge on package and express deliveries linked to higher fuel costs amid the Iran war.
Postmaster General David Steiner previously warned lawmakers that at current spending levels the agency could run out of cash “in less than 12 months.”
Unlike other federal entities, the Postal Service does not rely on taxpayer funding and instead operates through revenues derived from its services.
The proposed price increase is now awaiting regulatory approval before taking effect.
At The News Digital, our editors combine an understanding of entertainment with global reporting expertise. Expect authoritative coverage of royals, Hollywood and trending topics, as well as clear, credible updates on science, politics, sports and business. We keep it accurate, current and easy to understand, so you can stay ahead.
