U.S. Postal Service plans rate hike in 2023

Oct. 10—Prices at the post office could soon increase, as the U.S. Postal Service presents plans to hike prices on everything from stamps to post office boxes and money order fees.

In a news release issued Friday, USPS officials detailed the price changes. A first-class Forever Stamp would cost 63 cents, up from 60 cents, and postcards would raise from 44 cents to 48 cents. An international 1-ounce letter, currently priced at $1.40, would move to $1.45.

A single-piece letter and the flat additional-ounce price for letters and small items will remain at 24 cents.

"The proposed increased will raise First-Class Mail prices approximately 4.2% to offset the rise in inflation," the USPS release said.

The USPS, which does not regularly receive taxpayer funds, has been financially troubled for years. Many have pointed to a law passed by Congress requiring the service to pre-fund 75 years of pension funds as a major drag on the agency's fiances. The USPS implemented a 10-year plan in March 2021, outlining how the service plans to achieve financial stability and improve service times and performance.

"As operating expenses continue to rise, these price adjustments provide the Postal Service with much needed revenue to achieve the financial stability sought by its 'Delivering for America'" 10-year plan," the USPS said in its statement. "The prices of the U.S. Postal Service remain among the most affordable in the world."

The changes have already been approved by the USPS Board of Governors, and will be reviewed by the Postal Regulatory Commission. If approved, the new prices will take effect Jan. 22, 2023.