Get ready to pay more for a postage stamp. The U.S. Postal Service will raise the price of a stamp from 63 cents to 66 cents on July 9.
The Postal Service said the rate increase is part of its 10-year plan for achieving financial stability.
"With full implementation, the 10-year plan reverses a projected $160 billion in losses over the next 10 years," the Postal Service said in a filing with the Postal Regulatory Commission, which had to approve the price increase.
Customers will also be paying more to send a postcard. The fee will go from 48 cents to 51 cents on July 9.
Postcards and letters sent internationally are also subject to a 5 cent increase — going from $1.45 to $1.50.
Businesses that send metered mail are not exempt from the price hike. Their rate climbs from 60 cents to 63 cents.
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"Even with postage rate increases, USPS prices will remain among the world’s most affordable and offers a great value in shipping," the Postal Service said.
It's unclear whether this will be the only price hike this year. The Postal Service said in its filing with the PRC that it is "continually reviewing our pricing approach for all products."
Price increases on mail are not the only way the Postal Service intends to meet its goal of reversing $160 billion in losses. It's also investing in infrastructure and technology to achieve its goal. That includes facility upgrades to promote efficiency and modernizing its delivery fleet.
"Judicious price increases paired with investment in our network will allow us to provide the predictable, reliable service that the American people expect and deserve," the Postal Service said.
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