If you’re a penny pincher, here’s a reminder that on Sunday July 10, The United States Postal Service is raising stamp prices on its Forever stamps from 58 cents to 60 cents, and increasing some other prices as well.
So, if you purchased a book of Forever stamps 10 years ago, and the stamps cost only 45 cents each, you can still use them to mail letters today, even with the forever stamps costing more now. Hence, they are called – forever stamps. So, if you like to save and you use a good amount of stamps, you may want to head to the Post Office quickly to stock up!
Forever stamps aren’t the only thing going up at the post office. The following USPS price increases are also slated for July 10:
USPS Product Current cost Cost after July 10:
- Letters (1 oz.) 58 cents 60 cents
- Letters (metered 1 oz.) 53 cents 57 cents
- Letters (additional ounces) 20 cents 24 cents
- Domestic postcards 40 cents 44 cents
- International letters (1 oz.) $1.30 $1.40
The price hike, which raises the cost of First-Class Mail by 6.5%, is still lower than high inflation rates, the Postal Service said. The cost of all goods is up 8.6% over the past year, according to the Bureau of Labor Statistics.
Forever stamp prices just increased less than a year ago, from 55 to 58 cents, and the USPS has hinted that prices are likely to continue to increase.
As inflation and increased operating expenses continue, these price adjustments are intended to help with the implementation of the Delivering for America plan, including a $40 billion investment in core Postal Service infrastructure over the next ten years, according to the USPS.
The Postal Service Reform Act, which was passed with strong bipartisan support by Congress and enacted in April 2022, is supposed to generate $44.5 billion in expense reductions.
The USPS says the new prices will help it to continue to provide the lowest letter-mail postage rates in the industrialized world and offer a great value in shipping.
The Postal Service generally receives no tax dollars for operating expenses and relies on the sale of postage, products, and services to fund its operations.