Looks like the next price increase you’ll be seeing will be in postage stamps. The U.S. Postal Service will be increasing stamps prices July 10, increasing the cost of a Forever stamp from 58 cents to 60 cents, and it’s likely that it won’t be the only price hike in the near future.
Postmaster General Louis DeJoy announced in May that he expected the Postal Service to continue to raise prices until the at an “uncomfortable rate” until the agency becomes financially self-sufficient.
On April 6, President Biden signed the Postal Service Reform Act of 2022, legislation designed to strengthen the financial health of the USPS, which has faced financial challenges for many years, and competition from shippers private industry shippers like FedEx and UPS.
The new law is expected to save the USPS an estimated $50 billion over the next decade, DeJoy said, including the ending of the requirement of the USPS to pay into a health benefit fund for current and retired employees for 75 years into the future. Retired USPS employees now are required to enroll in Medicare. The new legislation also includes six-day-a-week mail delivery.