US Postal Service proposes new rates to “compensate” for inflation

CNN
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The United States Postal Service On Friday, it proposed raising prices to “make up for the rise in inflation,” according to a statement by the agency.

The rate increases, approved by USPS governors, include an increase of three cents for purchasing a stamp and an increase of four cents for mailing a postcard. The changes amount to a 4.2% price increase for first-class mail, according to the USPS.

The proposal must now be reviewed by the Postal Regulatory Authority.

The announcement from the US Postal Service comes as consumers across the country continue to struggle with them Rising prices For groceries, gas and other essentials. The US Postal Service has Publicly struggle financially In recent years, President Joe Biden I signed a law earlier this year to reform USPS Finance and allow the agency to update its services.

“As operating expenses continue to rise, these rate adjustments provide the Postal Service with much-needed revenue to achieve the financial stability that its 10-year Plan of Delivery for America seeks,” the US Postal Service said Friday. US Postal Service rates remain among the most affordable in the world.

Unlike other government agencies, the USPS generally does not receive taxpayer funding, and instead must rely on revenue from stamps and parcel deliveries to support itself.

The Postal Service is also looking to increase mailbox rental fees, money orders, and the cost of purchasing insurance when mailing an item.

If approved by the Postal Regulatory Commission, the changes will take effect on January 22, 2023, after midnight.