USPS to Implement Price Increases on January 21

While many are wishing one another Happy New Year or focusing on New Year’s resolutions, others are still recovering from Christmas spending. In the interest of fiscal responsibility, the American consumer should be aware that the United States Postal Service (USPS) is due to raise its rates in 2024. So planning ahead and stocking up on stamps for February valentines, spring graduation announcements, summer wedding invitations, or even the next round of holiday cards might be in the best interest of thrifty spenders.

Starting January 21, the USPS will increase stamp prices from 66 cents to 68 cents for letters weighing one ounce or less. Package shipping costs are also slated to increase by nearly six percent, with Priority Mail Express costs going up by 5.9 percent, Priority Mail increasing 5.7 percent, and Ground Advantage rising 5.4 percent.

These price hikes, the fifth increase in two years, are part of the Postal Service’s ten-year Delivering for America plan to recover from plunging profits. USPS.com explains that the new rates for shipping service products will keep the Postal Service competitive while providing the agency with needed revenue. The site goes on to say, “The Postal Service generally receives no tax dollars for operating expenses and relies on the sale of postage, products, and services to fund its operations.”

As an independent federal establishment, the USPS is mandated to be self-financing and to serve every American community “through the affordable, reliable, and secure delivery of mail and packages to nearly 165 million addresses six and often seven days a week.”

According to Postmaster General Louis DeJoy, with the ongoing implementation of the Delivering for America plan, 98 percent of the nation’s population currently receives their mail and packages in fewer than three days, and forty percent of First-Class Mail and packages are being delivered a day in advance of that. During the open session meeting of the Postal Service Board of Governors on November 14, 2023, DeJoy also suggested that “even with postage rate increases, USPS prices will remain among the world’s most affordable and offer a great value in shipping.”