(FOX BUSINESS) – The U.S. Postal Service proposed raising the price of first-class mail stamps from 63 to 66 cents this week, the second price hike so far this year. Stamp prices have nearly doubled over the past two decades, increasing from just 37 cents in 2002.
USPS most recently upped prices from 60 cents to 63 cents in January. If the proposed hike to 66 cents is approved by the Postal Regulatory Commission, then it will take effect in July.
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“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 by its Delivering for America 10-year plan,” the USPS explained this week.
