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An inevitable price adjustment may be looming on the horizon as the United States Postal Service (USPS) aims to implement a round of price hikes this summer.
The USPS is proposing to elevate the cost of Forever Stamps from 68 cents to 73 cents apiece. This would signify the fourth increase in the price tag of these first-class stamps within a single year.
Notably, this nickel surge ties the record for the most substantial hike ever introduced by the USPS. The last time such a significant spike occurred was back in January 2019 when the price of Forever Stamps escalated from 50 cents to 55 cents.
In addition to this development, the USPS is contemplating augmenting prices for various other types of mail and services, including certified mail and money order creation fees. The postal service is looking to implement these new prices on July 14.
Challenges Arising from Forever Stamps Price Increase
The proposed increase in the price of Forever Stamps has drawn criticism from the Greeting Card Association and the Association for Postal Commerce, citing concerns outlined in an NDP Analytics report from March.
“If rate increases continue to proceed at this frequency and magnitude without critical review, it risks plummeting volume further and exacerbating USPS’s financial challenges.”
Furthermore, these adjustments come at a time when the USPS is grappling with a decline in the usage of its postal services.
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As of the publication date, William White did not hold any positions (either directly or indirectly) in the securities discussed in this article. The opinions expressed here belong to the writer and adhere to the guidelines set forth by InvestorPlace.com.
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