Stamp prices rise in response to inflation

As with everything, the price of stamps fell victim to inflation and rose on Sunday.

“The proposed prices, approved by US Postal Service governors, would increase first-class mail prices by approximately 6.5%,” the US Postal Service warned in June.

They were quick to point out that it could be worse, as everything else seems to cost even more.

“(This) is lower than the Bureau of Labor Statistics annual inflation rate of 7.9% at the end of February. The price changes reflect a wise implementation of the Postal Service’s pricing authority,” they wrote.

As a result, a permanent stamp, previously at 58 cents, will now cost 60 cents.

This price increase was described by Postmaster General and CEO Louis DeJoy in May as necessary due to the state of inflation, despite how the price increase may affect the public, and as part of the postal authority.

“Therefore, from my perspective, the courier industry must be prepared to continue to use our authority to raise the prices of market-dominant products at an uncomfortable rate until we have achieved our goal of project a trajectory that shows us becoming self-sustainable,” he told the Postal Service Board of Governors May 5.

“I think we’ve been badly damaged by at least 10 years of a flawed pricing model – which can’t be satisfied with one or two annual price increases – especially in this inflationary environment,” he said. .

The prices of other postal services will also increase. Sending a postcard is up 10% to 44 cents. Each additional ounce of first-class mail will cost 24 cents more, not 20 cents. A 1 ounce international letter will drop from $1.30 to $1.40.

The Postal Service said it is also considering adjusting prices for other products, such as certified mail, post office boxes, money orders and package insurance.

The good news?

A 41-cent permanent stamp purchased when they were introduced in 2007 works the same as a 60-cent permanent stamp purchased today.

About Chris C. Hairston

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