The United States Postal Service on Tuesday proposed an overall increase of nearly 8 percent on the price of postage, the latest in a series of stamp hikes over the past three years.
The new prices would take effect in July, pending approval from an independent regulatory commission. Among other changes, a Forever stamp would cost 73 cents instead of 68 cents, and the price of a domestic postcard would rise to 56 cents from 53 cents.
The proposed changes, like several others since 2021, are part of the service’s 10-year plan to raise prices and slow some deliveries, among other measures, to try to recoup $160 billion in projected losses over a decade.
The Postal Service has faced financial issues for years because it is required to fund retiree health care benefits for its employees in advance. It’s also facing headwinds, like other postal services globally, as fewer people send mail. Its operations are generally not funded by tax revenues.
The price hikes proposed on Tuesday would need to be approved by the Postal Regulatory Commission, an independent agency in Washington that oversees the Postal Service.