USPS wants to hike stamp prices for 2nd time in 6 months

Sound familiar? It's set to be the second hike of postage prices since the start of the year and the fifth in two years.

(NEXSTAR) – The United States Postal Service is seeking to raise the price of stamps by mid-summer. Sound familiar? It's set to be the second hike of postage prices since the start of the year and the fifth in two years.

USPS has been repeatedly increasing rates of many of its mailing services over the past few years to keep up with inflation and the growing cost of doing business.

The new proposal would raise the price of a First-Class Forever stamp from 68 cents to 73 cents. It's the latest in a series of small increases that have accumulated since the pandemic, making the cost of one Forever stamp 33% more expensive than it was at the start of 2021.

If the Postal Regulatory Commission approves the plan, the following price changes would take effect on July 14:

U.S. Postmaster General Louis DeJoy previously warned postal customers to get used to “uncomfortable" rate hikes as the Postal Service seeks to become self-sufficient. He said price increases were overdue after “at least 10 years of a defective pricing model.”

"As changes in the mailing and shipping marketplace continue, these price adjustments are needed to achieve the financial stability sought by the organization’s Delivering for America 10-year plan," the agency said in an announcement Tuesday. "USPS prices remain among the most affordable in the world."

Anyone who wants to avoid paying the extra 5 cents per letter later this year can stock up on Forever stamps now. As their name suggests, the stamps hold value forever, despite the price point they were purchased at.

The Associated Press contributed to this report.

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