The U.S. Postal Service is raising the cost of a first-class stamp from 63 cents to 66 cents.
The new rate is set to take effect on July 9 unless it is overruled by the postal regulator, according to USPS.com.
The increase is the Postal Service’s fourth rate hike in two years. The hike in price is the latest in the rising cost of mailing first-class products. The cost of a stamp has risen 32 percent since 2019. A stamp cost 50 cents then.
The Postal Service lost $1.03 billion in the final quarter of 2022. A plan initiated by Postmaster General Louis DeJoy was intended to make up a $160 billion projected budget shortfall by 2030. The plan called for the agency to break even in 2023.
“As operating expenses fueled by inflation continue to rise and the effects of a previously defective pricing model are still being felt, these price adjustments are needed to provide the Postal Service with much-needed revenue to achieve the financial stability sought,” the agency wrote in a news release.
The price for 1-ounce metered mail will increase to 63 cents, and the price to send a domestic postcard will increase to 51 cents.
A 1-ounce letter mailed to another country would increase to $1.50. There will be no change to the single-piece letter and flat additional-ounce price, which remains at 24 cents.
The Postal Service is also seeking price adjustments for Special Services products including Certified Mail, Post Office Box rental fees, money order fees and the cost to purchase insurance when mailing an item.