Photo by Joel Moysuh on Unsplash
Stamp Prices Are Continuing To Rise
April 12, 2024
Stamp prices in the United States are gearing up for another hike. Set to take effect on July 14, the price of a Forever postage stamp is poised to jump to 73 cents from the current 68 cents. This increase marks the sixth hike since January 2021, highlighting a trend of more frequent adjustments.
Despite these continual increases, recent findings suggest that U.S. postage stamps still offer a good deal compared to many other developed nations. According to a comprehensive analysis by the USPS Office of the Inspector General (OIG), the U.S. ranks favorably in stamp affordability when compared globally.
The comparison, which included 30 other countries selected based on various criteria such as size, postal service revenue, and data reliability, revealed that only four countries had cheaper stamps than the United States. Furthermore, while postal services worldwide have been raising prices, the U.S. increases have been relatively moderate.
One of the primary reasons behind the frequent price adjustments is the changing landscape of postal services. The use of first-class mail, a significant revenue driver for the U.S. Postal Service, has been steadily declining over the years. However, despite this decline, domestic first-class mail remains profitable for the agency, as its “generated revenue was more than twice its attributable cost” in fiscal year 2022, per the inspector general.
To address its financial challenges, the Postal Service has adopted a multifaceted approach to setting stamp prices. In addition to considering inflation, the pricing equation now includes factors like density and the agency’s obligation to fund retiree benefits. This holistic approach aims to ensure the financial sustainability of the Postal Service amidst evolving market dynamics.
One notable factor contributing to the relatively lower stamp prices in the U.S. is its scale. As the largest market for domestic mail delivery globally, the United States handles half of the world’s domestic mail. Despite facing similar economic pressures and inflationary trends, the USPS benefits from its expansive reach and operational efficiencies.
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