Current:Home > Stocks"Forever" stamp prices are rising again. Here's when and how much they will cost.-InfoLens
"Forever" stamp prices are rising again. Here's when and how much they will cost.
View Date:2024-12-23 14:47:21
Starting next week, the price of a "Forever" stamp will increase by a nickel to 73 cents, the second time the United States Postal Service has raised the cost of postage this year.
The price of a Forever stamp has steadily climbed since they cost 41 cents when the USPS introduced them in 2007, most recently in January when the agency raised the price from 66 cents to 68 cents.
Other postage rates are also set to jump. Mailing a postcard domestically will cost 56 cents, a 3-cent increase, while the price of mailing postcards and letters internationally are both rising by a dime to $1.65. Overall, postage costs are rising 7.8% increase, USPS said in a statement in April.
"These price adjustments are needed to achieve the financial stability sought by the organization's Delivering for America 10-year plan," the agency said at the time.
The new postage rates take effect on July 14.
USPS is in the midst of an effort to shed debt and boost revenue, including rising postage rates. U.S. Postmaster General Louis DeJoy has warned consumers that they are likely to see "uncomfortable" rate hikes as the Postal Service seeks to become self-sufficient. He has said price increases are long overdue after "at least 10 years of a defective pricing model."
By contrast, the price of renting a Post Office Box is not going up, and USPS will reduce the cost of postal insurance 10% when mailing an item, according to the agency.
Postage prices may be rising, but customers also have more Forever options to choose from. USPS in June began offering two new Forever stamps — one that depicts baseball legend Hank Aaron and another that pays homage to Canadian-American game show host Alex Trebek.
Aaron held professional baseball's home-run record for three decades until it was broken in 2007, while Trebek hosted Jeopardy until he died of pancreatic cancer in November 2020.
The USPS this year has also launched Forever stamps honoring former First Lady Betty Ford, University of California Los Angeles men's basketball coach John Wooden and some of the conductors of the Underground Railroad.
Still, the postage increases are hurting mail volume as well as the USPS' bottom line, some critics says. The agency in November reported a $6.5 billion loss for fiscal 2023 and is projecting a $6.3 billion deficit in 2024, according to Keep US Posted, a nonprofit advocacy group.
— The Associated Press contributed to this report.
- In:
- USPS
Khristopher J. Brooks is a reporter for CBS MoneyWatch. He previously worked as a reporter for the Omaha World-Herald, Newsday and the Florida Times-Union. His reporting primarily focuses on the U.S. housing market, the business of sports and bankruptcy.
TwitterveryGood! (2564)
Related
- 'The Penguin' spoilers! Colin Farrell spills on that 'dark' finale episode
- Pressure? Megan Rapinoe, USWNT embrace it: 'Hell yeah. This is exactly where we want to be.'
- San Francisco investigates Twitter's 'X' sign. Musk responds with a laughing emoji
- YouTuber Who Spent $14,000 to Transform Into Dog Takes First Walk in Public
- Video ‘bares’ all: Insurers say bear that damaged luxury cars was actually a person in a costume
- San Francisco prosecutors to lay out murder case against consultant in death of Cash App’s Bob Lee
- $1.05 billion Mega Million jackpot is among a surge in huge payouts due to more than just luck
- Rapper G Herbo pleads guilty in credit card fraud scheme, faces up to 25 years in prison
- Ariana Grande Shares Dad's Emotional Reaction to Using His Last Name in Wicked Credits
- RFK Jr. says he’s not anti-vaccine. His record shows the opposite. It’s one of many inconsistencies
Ranking
- Judge moves to slash $38 million verdict in New Hampshire youth center abuse case
- As the pope heads to Portugal, he is laying the groundwork for the church’s future and his legacy
- Lady Gaga honors Tony Bennett in touching post after death: 'Will miss my friend forever'
- Brittney Griner will miss at least two WNBA games to focus on her mental health, Phoenix Mercury says
- Man charged with murder in fatal shooting of 2 workers at Chicago’s Navy Pier
- Vice President Kamala Harris will visit Wisconsin to tout broadband and raise money
- Jonathan Taylor refutes reports that he suffered back injury away from Indianapolis Colts
- Pressure? Megan Rapinoe, USWNT embrace it: 'Hell yeah. This is exactly where we want to be.'
Recommendation
-
Officer injured at Ferguson protest shows improvement, transferred to rehab
-
Philadelphia Eagles unveil kelly green alternate uniforms, helmets
-
Mar-a-Lago property manager to be arraigned in classified documents probe
-
Trump could be indicted soon in Georgia. Here’s a look at that investigation
-
Tampa Bay Rays' Wander Franco arrested again in Dominican Republic, according to reports
-
Malala Yousafzai Has Entered Her Barbie Era With the Ultimate Just Ken Moment
-
As work begins on the largest US dam removal project, tribes look to a future of growth
-
Win, lose or draw: How USWNT can advance to World Cup knockout rounds, avoid embarrassment