USPS recently announced that the organization will raise stamp prices for First-Class Mail, the service that covers postcards, letters under 1 ounce, and envelopes. Currently, the price of a “Forever” stamp is 55 cents. However, beginning on August 29th, 2021, the new price of a “Forever” stamp will be 58 cents.
USPS Raising Stamp Prices is Part of 10-Year Plan
While prices for shipping services take place every year across all carriers, an uptick on First-Class Mail stamps is much more rare. The upcoming planned price increase is a part of Postmaster General DeJoy’s 10-Year Plan for the Postal Service, which consists of several structural and strategic changes to steer USPS back to financial sustainability. By raising prices of First-Class stamps to 58 cents, USPS hopes to generate enough revenue to offset continuously-declining mail volume.
According to USPS, mail volume dropped by 28% over the last 10 years. Current mail volume sits at roughly 46 billion pieces, and continues to fall.
The price of “Forever” First-Class Mail stamps isn’t the only increase USPS will impose. Here are some of the other services that USPS plans to increase prices for:
- Metered 1 oz letters: 58 cents (up from 55 cents)
- Domestic postcards: 40 cents (up from 36 cents)
- Flats: $1.16 (up from $1)
- Outbound international letters: $1.30 (up from $1.20)
Even with the new price increase, USPS still boasts some of the lowest mailing rates in the world. The next-cheapest country to mail a letter is Japan, coming in at $0.77, followed by Australia at $0.86. The global average for sending a single letter is $1.32, which we’ve displayed in the graphic below:
How will the new price increase for stamps affect your business? Leave a comment and let us know!