The United States Postal Service announced plans to raise the price of Forever stamps and other postage for 2023. Upon approval from the Postal Regulatory Commission, USPS says the cost of first-class stamps will increase from 60 cents to 63 cents on Jan. 22. These proposed prices were approved by the Postal Service governors.
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According to USPS, the proposed price increases include:
Letters (1 oz.): 60 cents to 63 cents
Letters (metered 1 oz.): 57 cents to 60 cents
Domestic Postcards: 44 cents to 48 cents
International Postcards: $1.40 to $1.45
International Letter (1 oz.): $1.40 to $1.45
USPS is also requesting price increases for Special Services products, such as Certified Mail, Post Office Box rental fees, money order fees and the cost to purchase insurance when mailing an item. There will be no price change to the single-piece letter and flat additional-ounce price, which is 24 cents.
This price hike is part of Postmaster General Louis DeJoy’s 10-year Delivering for America plan. This plan was intended to reduce the USPS’ massive amount of debt, which stands at $188 billion in debts and unfunded liabilities at the end of fiscal year 2020, says the Government Accountability Office and as reported by CNET. These debts and liabilities are largely from underfunding of workers’ pensions and health care benefits for retirees.
USPS also says that the 4.2% increase for First-Class Mail will help offset inflation. The Bureau of Labor Statistics (BLS) released its Consumer Price Index (CPI) on Nov. 10, showing a 7.7% increase for the all-items index for the 12 months ending October.
The last USPS price hike took place in July, GOBankingRates reported, which raised the cost of the Forever stamp, from 58 cents to 60 cents.
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However, even with higher rates, the “prices of the U.S. Postal Service remain among the most affordable in the world,” USPS said in a statement.
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This article originally appeared on GOBankingRates.com: USPS Forever Stamps Really Last Forever – Stock Up Now Before The Rate Hike In January 2023