On Friday. The US Postal service (USPS) announced its plan to increase the rate of first-class postage stamps from 55 cents to 58 cents, which will be effective from August 29.
The is being done because of the decrease in volume and therefore to offset the revenues that are falling because of it.
According to an agency news release it stated that the “first-Class Mail prices would increase by 6.8 percent to offset declining revenue due to First-Class Mail volume declines. In the past 10 years, mail volume has declined by 46 billion pieces, or 28 percent, and is continuing to decline. Over the same period, First-Class Mail volume has dropped 32 percent, and single piece First-Class Mail volume — including letters bearing postage stamps — has declined 47 percent.”
Postmaster General Louis DeJoy announced this 10-year plan for the agency in March which states the decrease in post office hours across the country and the increase of the first-class delivery time as well because of which he was criticised.
DeJoy on Friday made a statement saying, “As part of our 10-year plan to achieve financial sustainability and service excellence, the Postal Service and the Board of Governors are committed to judiciously implementing a rational pricing approach that helps enable us to remain viable and competitive and offer reliable postal services that are among the most affordable in the world.”
According to the data put forward by the USPS, it shows that there has been an increasingly steady rise in the prices of stamps over the last few years.
In 2017 the cost of a stamp was 49 cents, in 2018 is was 50 cents and in 2019 it was 55 cents, which is still the price until the implementation of the plan towards the end of August.
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