The U.S. Postal Service said on Monday it is raising the price of its first-class stamps to 66 cents, an increase of 4.8% from its current 63 cents.
on Monday it is raising the price of its first-class stamps to 66 cents, an increase of 4.8% from its current 63 cents. The move is the latest in a flurry of rate boosts that will result in the cost of a first-class stamp rising nearly one-third since 2019.
The July 2023 price hike would represent the fifth increase since early 2019, when a Forever stamp cost 50 cents. The higher postage prices haven't come without criticism, however, with some postal experts pointing out that customers are paying more while getting less for their money. The USPS said the latest price hike is needed to offset higher operating expenses"fueled by inflation" as well as"the effects of a previously defective pricing model."
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