WASHINGTON — The U.S. Postal Service will raise the price of stamps yet again starting Sunday. It's the second increase in cost for stamps so far this year.
The cost of the first-class “forever” stamps will be 73 cents each starting July 14 - a 5 cent, or 7% jump from its current price of 68 cents.
The second price hike of 2024 comes after forever stamps also increased twice last year.
U.S. Postmaster General Louis DeJoy previously warned postal customers to get used to “uncomfortable" rate hikes as the agency seeks to become self-sufficient. He said price increases were overdue after “at least 10 years of a defective pricing model.”
Sunday marks the seventh jump in "forever" stamp prices since the start of 2019, when the postage cost 50 cents apiece.
In January, forever stamps climbed from 66 to 68 cents.
Other USPS price increases this weekend include metered 1-ounce letters going from 64 to 69 cents, postcards sent in the U.S. moving from 53 cents to 56 cents and international postcards and letters jumping from $1.55 to $1.65 each.
There will be no price increase for post office box rentals, and postal insurance will be reduced by 10% when items are mailed, the postal service noted.
The postal service has previously stated that its prices remain among the most affordable in the world.
When adjusted for inflation, 50 cents in January 2019 equates to about 62 cents in June 2024, according to the Bureau of Labor Statistics’ CPI inflation calculator.
The Associated Press contributed to this report.