See why the United States Postal Service is increasing prices in 2024
The United States Postal Service will be increasing prices in 2024.
Back in October 2023, the Postal Service filed notice with the Postal Regulatory Commission proposing new prices. In November, the Postal Service governor approved proposed prices. The new prices for shipping services are set to take effect Jan. 21.
The new rates also include a 2-cent increase in the price of a First-Class Mail Forever stamp, from 66 cents to 68 cents.
Ground advantage prices will increase by 5.4%, priority mail service prices will increase by 5.7% and priority mail express service prices will increase by 5.9%.
Currently, ground advantage prices start at $4.75, priority mail services start at $9.65 and priority mail express service start at $24.90.
The Postal Service is also seeking price adjustments for special services products including post office box rental fees and some international mail services that includes registered mail and international mail insurance. The Post Regulatory Commission will review the prices before they are scheduled to take effect, said the post office.
The pricing for USPS Connect Local, the service that provides businesses same-day and next-day delivery for their customers, will remain unchanged.
Why is the postal service raising prices?
The Postal Service said that as inflationary pressures on operating expenses continue and the effects of a previously defective pricing model are still being felt, the price adjustments are needed to provide the Postal Service with much needed revenue to achieve the financial stability sought by its Delivering for America 10-year plan.
Due to the plan's implementation, 98% of the nation’s population currently receives mail and packages in less than three days said the Postal Service.
Diana Leyva covers trending news and service for The Tennessean. Contact her at Dleyva@gannett.com or follow her on X, the platform formerly known as Twitter at @_leyvadiana
This article originally appeared on Nashville Tennessean: USPS set to increase its prices in 2024. Here's why
