Postal Service Prepares for 2024 Price Hike on Stamps

The Forever Stamp exhibit at Queens, New York's Costco.Photo byUCG/Universal Images Group via Getty Images, FILE

As we step into the new year, we're set to encounter not just the usual sense of fresh beginnings but also an uptick in mailing expenses. On January 21, the U.S. Postal Service is rolling out an increase in stamp prices, upping the cost from 66 cents to 68 cents for letters weighing an ounce or less.

Moreover, the surge extends to package shipping rates, with a nearly six percent rise anticipated. Specifically, Priority Mail Express costs will elevate by 5.9 percent, while Priority Mail and Ground Advantage will climb by 5.7 percent and 5.4 percent, respectively.

These price elevations mark the Postal Service's fifth rate hike in a span of two years and are integral to their 'Delivering for America' ten-year strategy. This plan aims to address declining profits with an anticipated $160 billion loss over the next decade.

While these measures aim to stabilize finances, they have coincided with slower delivery services. The impact of increased rates will be particularly pronounced in regions outside the contiguous U.S., notably Alaska and Hawaii, where residents can expect a rise of over nine percent in mailing costs. Lawmakers such as Alaska's Sen. Dan Sullivan have expressed concern, urging Postmaster General and USPS CEO Louis DeJoy to reconsider these augmentations in pricing strategies.