For the second time in less than a year, the price of a First Class Mail Forever stamp is increasing.
The US Postal Service is raising the price of a stamp from 58 cents to 60 cents starting Sunday.
The last increase was on August 29, 2021, when the price rose from 55 cents to 58 cents.
When the hike was proposed in April, postal officials said first-class mail prices would rise by roughly 6.5%, lower than the Bureau of Labor Statistics’ annual inflation rate of 7.9% at the end of February.
Officials said the price changes reflect the fair implementation of the Postal Service Pricing Authority provided by the Postal Regulatory Commission.
Proposed mailing services price changes include: letters (1 oz.) from 58 cents to 60 cents, letters (1 oz.) from 53 cents to 57 cents, letters, additional ounce(s) from 20 cents to 24 cents, domestic postal cards from 40 cents to 44 cents and international letters (1 oz.) increasing from $1.30 to $1.40.
The Postal Service also implements price adjustments for special services products, including certified mail, post office box rental fees, money order fees and the cost of purchasing insurance when mailing an item, officials said.
Postal authorities cite inflation and increased operating costs as the two reasons for the increase.
“These price adjustments will help implement the Deliver for America plan, including a $40 billion investment in core Postal Service infrastructure over the next 10 years,” officials said.
Despite the increase, the Postal Service continues to provide the lowest letter-mail postage rates in the industrialized world, he said.
Congress set the initial US postage rates as part of the Postal Service Act, signed into law by President George Washington on February 20, 1792.
Initial rates for a first-class stamp were set at 6 cents, but fluctuated between 2 and 3 cents until August 1, 1958, when the cost rose to 4 cents.
The 1970s begin with a cost of 8 cents, rising to 15 cents in 1978.
That’s up from 4-cents in 1991, when it rose from 25 cents to 29 cents, and a 5-cent increase in 2019, bringing the cost to 55 cents.
The Postal Service typically receives no tax dollars for operating costs and relies on sales of mail, products and services to fund its operations, officials said.
For more information about the Postal Service, visit usps.com.