A First Class Mail Forever Stamp from the U.S. Postal Service now costs a nickel more, according to a Monday announcement from the agency. Prices increased last July as well.
While the price to send 1-ounce letters with the stamps was 73 cents through last week, it is now 78 cents. Metered 1-ounce letters increased from 69 cents to 74 cents. Those weren’t the only USPS fee to increase – domestic postcard prices increased from 56 cents to 61 cents, international postcards increased from $1.65 to $1.70 and 1-ounce international letters also increased from $1.65 to $1.70.
“The changes raised mailing service product prices approximately 7.4%,” said the USPS.
Fees for additional ounces went up too, from 28 cents to 29 cents and the price of postal insurance when mailing an item decreased by 12%.
The July 13 changes raised domestic shipping service prices approximately 6.3% for Priority Mail service, 7.1% for USPS Ground Advantage and 7.6% for Parcel Select,” the USPS said. “Prices for Priority Mail Express service will not change.”
It said that increases were based on the Consumer Price Index and that they reflect market conditions. and that the new rates “will aim to keep the Postal Service competitive while providing the organization with needed revenue.”
Although the USPS is a government agency, it is financially independent and it has faced economic challenges in recent years. Fiscal year results published last November showed $1.8 billion in controllable loss, down from $2.2 billion the previous year. Last summer, the USPS announced cost-saving plans, including some that were expected to slow down some mail delivery times.
This year, the USPS celebrates 250 years of service and it released new stamps to mark the anniversary. Earlier this month, the postal service also released new SpongeBob SquarePants Forever stamps.