The US Postal Service on Friday proposed a price hike “to offset rising inflation,” according to a statement from the agency.
The price increases, which were approved by US Postal Service governors, include a three-cent increase for buying a stamp and a four-cent increase for mailing a postcard. The changes represent a 4.2% price increase for first-class mail, according to USPS.
The proposal must now be reviewed by the Postal Regulatory Commission.
The U.S. Postal Service’s announcement comes as consumers across the country continue to struggle with price increase for groceries, gas and other necessities. The US Postal Service has publicly in financial difficulty in recent years, and President Joe Biden signed legislation earlier this year to revise USPS finances and allow the agency to modernize its service.
“As operating expenses continue to rise, these price adjustments provide the Postal Service with much-needed revenue to achieve the financial stability sought by its 10-year Delivering for America plan,” the U.S. Postal Service said Friday. “US Postal Service prices 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 package deliveries to support itself.
The Postal Service is also looking to increase post office box rental fees, money orders, and the cost of buying insurance when mailing an item.
If approved by the Postal Regulatory Commission, the amendments will come into effect on January 22, 2023, after midnight.