Current:Home > Markets"Forever" stamp prices are rising again. Here's when and how much they will cost.-LoTradeCoin
"Forever" stamp prices are rising again. Here's when and how much they will cost.
View Date:2024-12-23 21:24:23
Starting next week, the price of a "Forever" stamp will increase by a nickel to 73 cents, the second time the United States Postal Service has raised the cost of postage this year.
The price of a Forever stamp has steadily climbed since they cost 41 cents when the USPS introduced them in 2007, most recently in January when the agency raised the price from 66 cents to 68 cents.
Other postage rates are also set to jump. Mailing a postcard domestically will cost 56 cents, a 3-cent increase, while the price of mailing postcards and letters internationally are both rising by a dime to $1.65. Overall, postage costs are rising 7.8% increase, USPS said in a statement in April.
"These price adjustments are needed to achieve the financial stability sought by the organization's Delivering for America 10-year plan," the agency said at the time.
The new postage rates take effect on July 14.
USPS is in the midst of an effort to shed debt and boost revenue, including rising postage rates. U.S. Postmaster General Louis DeJoy has warned consumers that they are likely to see "uncomfortable" rate hikes as the Postal Service seeks to become self-sufficient. He has said price increases are long overdue after "at least 10 years of a defective pricing model."
By contrast, the price of renting a Post Office Box is not going up, and USPS will reduce the cost of postal insurance 10% when mailing an item, according to the agency.
Postage prices may be rising, but customers also have more Forever options to choose from. USPS in June began offering two new Forever stamps — one that depicts baseball legend Hank Aaron and another that pays homage to Canadian-American game show host Alex Trebek.
Aaron held professional baseball's home-run record for three decades until it was broken in 2007, while Trebek hosted Jeopardy until he died of pancreatic cancer in November 2020.
The USPS this year has also launched Forever stamps honoring former First Lady Betty Ford, University of California Los Angeles men's basketball coach John Wooden and some of the conductors of the Underground Railroad.
Still, the postage increases are hurting mail volume as well as the USPS' bottom line, some critics says. The agency in November reported a $6.5 billion loss for fiscal 2023 and is projecting a $6.3 billion deficit in 2024, according to Keep US Posted, a nonprofit advocacy group.
— The Associated Press contributed to this report.
- In:
- USPS
Khristopher J. Brooks is a reporter for CBS MoneyWatch. He previously worked as a reporter for the Omaha World-Herald, Newsday and the Florida Times-Union. His reporting primarily focuses on the U.S. housing market, the business of sports and bankruptcy.
TwitterveryGood! (8356)
Related
- One person is dead after a shooting at Tuskegee University
- The Mona Lisa bridge mystery: Has the world's most famous painting finally given up a secret?
- Why Wildfire Is Not Just A Western Problem
- 8 workers apparently tried to quit their jobs at a drug cartel call center. They were killed and their body parts were placed in bags.
- Auburn surges, while Kansas remains No. 1 in the USA TODAY Sports men's basketball poll
- Belarus now has Russian nuclear weapons three times more powerful than those used on Japan, leader says
- Eva Mendes Looks Back on Movie Where She Met Ryan Gosling Lifetimes Ago
- Pregnant Rihanna Shares Precious Look at Motherhood With New Video of Her and A$AP Rocky's Baby Boy
- What Republicans are saying about Matt Gaetz’s nomination for attorney general
- Elite's Arón Piper Turns Up the Heat in Shirtless Selfie
Ranking
- Why California takes weeks to count votes, while states like Florida are faster
- Eva Mendes Looks Back on Movie Where She Met Ryan Gosling Lifetimes Ago
- Israeli PM Benjamin Netanyahu accused in corruption trial of pushing legislation to help Hollywood friend
- Texas Rangers Player Josh Smith Hospitalized After Getting Hit in Face by Pitch
- Utah AD Mark Harlan fined $40,000 for ripping referees and the Big 12 after loss to BYU
- At least 41 killed in rebel attack on Ugandan school near Congo border
- The New lululemon & Madhappy Run Collection Is Finally Here to Upgrade Your Spring Sportswear
- See the monster catfish nearly the size of a cargo van that was caught in Italy and may be a world record
Recommendation
-
Horoscopes Today, November 10, 2024
-
Lamar Odom Invests in Addiction Treatment Centers After His Own Health Journey
-
Democrats' Budget Plan Pushes A Shift To Clean Energy. Here's How It Would Work
-
Kaley Cuoco Gives Birth, Welcomes First Baby With Tom Pelphrey
-
Police identify 7-year-old child killed in North Carolina weekend shooting
-
Why Wildfire Is Not Just A Western Problem
-
Jamie Lee Curtis' Tribute to Daughter Ruby Is Everything on Transgender Day of Visibility
-
The Truth About Matt Damon and Ben Affleck's Winning Friendship