Even the U.S. Postal Service isn’t immune to the effects of inflation. The cost of a U.S. postage stamp increased by 2 cents, raising the cost of mailing a first-class letter by 3.4% to 60 cents, CNN reported. Price increases have already been approved by the Governors of the U.S. Postal Service.
First-Class mail prices are up 6.5%, and metered mail costs went up 4 cents, or 7.5%. The price to send a postcard went up 10 cents to 44 cents and overweight First-Class mail increased by 20% or 24 cents per ounce.
USPS is also seeking price adjustments for Special Services products, such as Certified Mail, Post Office Box rental fees, Money Order fees and the cost to purchase insurance when mailing an item.
According to USPS, these price adjustments will help fund the $40 billion investment in core Postal Service infrastructure over the next ten years.
“As inflation and increased operating expenses continue, these price adjustments will help with the implementation of the Delivering for America plan,” the USPS said in a statement. “With the new prices, the Postal Service will continue to provide the lowest letter-mail postage rates in the industrialized world and offer a great value in shipping.”
Because USPS relies on the sale of postage, products and services for funding, CNN noted that price hikes likely won’t bring in much more money as Americans aren’t sending as much mail as they have in the past. The number of individual letters mailed last year is down 45% from a decade ago.
Today, the Postal Service makes a majority of its earnings with parcels and packages.
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