Stamps are about to get a bit more expensive this summer — before getting another price increase in January 2025. The U.S. Postal Service announced its new prices for first-class mail Forever stamps this week, which will go up by a nickel in July.
Stamps will jump from their current price of 68 cents to 73 cents on July 14, according to the USPS. This is a 7.8% increase in price, and is the same total increase stamps saw in the year from January 2023 to January 2024, when they increased from 63 cents to 68 cents.
Here’s the full breakdown of price changes for USPS services that are expected to go into effect in July:
U.S. Postal Service
Not every USPS service will see a price increase this summer, however. The organization says post office box rental fees will stay the same, and there will be a 10% decrease in the cost for postal insurance when mailing an item.
The latest price increase for stamps sticks to the schedule USPS announced in September 2021, which is for cost adjustments to be made twice every year — once in January and once in July.
The financial state of the USPS has long been an issue in need of addressing, with the Government Accountability Office having the organization on its High Risk List since 2002. The 2022 Postal Service Reform Act was passed to help strengthen the financial future of the USPS, and price increases like these are a direct result of those efforts.
The USPS says its postage prices are still “among the most affordable in the world” and this claim holds water when compared to Europe. The average price of first-class stamps across Europe is the equivalent of $2.09, while the price of stamps in the United Kingdom is the equivalent of $1.70.
If you want to get stamps for 68 cents, stock up on them before the increase happens on July 14.
This story was originally published by Clint Davis at dontwasteyourmoney.com.
