NASHVILLE, Tenn. (WTVF) — Less than a year after the United States Postal Service increased the price of Forever stamps, it wants to do it again this summer.
The new stamp price would rise to 60 cents from its current 58 cents, which the postal service said represents a hike that's lower than the current rate of inflation.
That higher price would take effect on July 10, or 11 months after its postage rate increase in August, when stamps went from 55 cents to 58 cents. That means customers would be paying 9% more for postage compared with prices less than a year ago, or above the 7.9% rate of inflation in February.
The announcement came the same day President Biden signed the Postal Service Reform Act of 2022 into law.
The legislation will provide $107 billion in direct and indirect support for the USPS, such as by allowing future retirees to enroll in Medicare and end a requirement that the agency pre-fund workers' health care benefits for the next 75 years.
The Postal Service said the price increase will help the agency implement DeJoy's 10-year plan, known as the "Delivering for America" plan.
USPS also pointed to inflation and increased operating expenses as a reason for its rate hike.