The United States Postal Service (USPS) is looking to raise prices of first class main stamps by five cents, increasing it from 73 to 78 cents, which would go into effect this summer.
USPS said on Wednesday that it filed a notice with the Postal Regulatory Commission, looking to hike the price by 7.4 percent, a change that would take place on July 13.
Domestic postcards would go up from 56 to 62 cents. Both international postcards and letters’ prices would increase from $1.65 to $1.70. The price for postal insurance would decrease by 12 percent when mailing, according to USPS.
The agency said the price increases are necessary to “achieve the financial stability sought by the organization’s ‘Delivering for America’ 10-year plan.”
“USPS prices remain among the most affordable in the world,” the agency added.
USPS decided not to increase the stamp prices in January.
Postmaster General Louis DeJoy, who served in the role since May 2020, resigned in March.
“While our management team and the men and women of the Postal Service have established the path toward financial sustainability and high operating performance — and we have instituted enormous beneficial change to what had been an adrift and moribund organization — much work remains that is necessary to change our positive trajectory,” DeJoy said at the time.
President Trump signaled earlier this year that major adjustments could be instituted at USPS. He said in February that he was considering absorbing USPS into the Commerce Department, billing the agency as a “tremendous loser” of money.
DeJoy notified Capitol Hill lawmakers in March that USPS inked a deal with the Department of Government Efficiency (DOGE) to cut spending and jobs, a decision that drew backlash from Democrats.
“This capitulation will have catastrophic consequences for all Americans — especially those in rural and hard to reach areas — who rely on the Postal Service every day to deliver mail, medications, ballots, and more,” Rep. Gerry Connolly (D-Va.), the ranking member of the Oversight and Government Reform Committee, said in response at the time.
In the letter, DeJoy told lawmakers that the agency plans to cut 10,000 employees through voluntary early retirement efforts.
