U.S. Postal Service Price Hike on Stamps Set to Kick In

The price hike on U.S. Postal Service (USPS) postage products is set to kick in next week as the country grapples with soaring inflation.

The Forever Stamp — which will be raised from 58 cents to 60 cents — and four other stamp products will see their prices go up on July 10. The USPS announced they would be raising prices on these products on April 6.

The Forever Stamp, introduced in 2007, “can be used to mail a one-ounce letter regardless of when the stamps are purchased or used and no matter how prices may change in the future,” the USPS says on their website.

If one is to buy a Forever Stamp on July 9 for 58 cents, they can use that stamp indefinitely.

The other products — along with the Forever Stamp — set to undergo price increases on July 10, according to the USPS website, include:

The USPS noted in its April press release that its price increase of only 6.5 percent is lower than the inflation rate across the country. The annual inflation rate in May was 8.6 percent, according to the Bureau of Labor Statistics website.

The price of Forever Stamps had already increased from 55 cents to 58 cents less than a year ago, NEXSTAR reported.

Postmaster General Louis DeJoy said in May that he believes Americans should get used to the increase in stamp and postage prices.

“I believe we have been severely damaged by at least 10 years of a defective pricing model which cannot be satisfied by one or two annual price increases, especially in this inflationary environment,” DeJoy said.

The price of goods and services is soaring across the country as consumers and businesses grapple with a 40-year-inflation high under President Joe Biden. Fireworks are another product that has also been affected by inflation, which Americans may notice during the Fourth of July weekend.

You can follow Ethan Letkeman on Twitter at @EthanLetkeman.