Designer's floral patterns become newest forever stamp
Starting next week, the price of a "Forever" stamp will increase by a nickel to 73 cents, the second time the United States Postal Service has raised the cost of postage this year.
The price of a Forever stamp has steadily climbed since they cost 41 cents when the USPS introduced them in 2007, most recently in January when the agency raised the price from 66 cents to 68 cents.
Other postage rates are also set to jump. Mailing a postcard domestically will cost 56 cents, a 3-cent increase, while the price of mailing postcards and letters internationally are both rising by a dime to $1.65. Overall, postage costs are rising 7.8% increase, USPS said in a statement in April.
"These price adjustments are needed to achieve the financial stability sought by the organization's Delivering for America 10-year plan," the agency said at the time.
The new postage rates take effect on July 14.
USPS is in the midst of an effort to shed debt and boost revenue, including rising postage rates. U.S. Postmaster General Louis DeJoy has warned consumers that they are likely to see "uncomfortable" rate hikes as the Postal Service seeks to become self-sufficient. He has said price increases are long overdue after "at least 10 years of a defective pricing model."
By contrast, the price of renting a Post Office Box is not going up, and USPS will reduce the cost of postal insurance 10% when mailing an item, according to the agency.
Postage prices may be rising, but customers also have more Forever options to choose from. USPS in June began offering two new Forever stamps — one that depicts baseball legend Hank Aaron and another that pays homage to Canadian-American game show host Alex Trebek.
Aaron held professional baseball's home-run record for three decades until it was broken in 2007, while Trebek hosted Jeopardy until he died of pancreatic cancer in November 2020.
The USPS this year has also launched Forever stamps honoring former First Lady Betty Ford, University of California Los Angeles men's basketball coach John Wooden and some of the conductors of the Underground Railroad.
Still, the postage increases are hurting mail volume as well as the USPS' bottom line, some critics says. The agency in Novemberreporteda $6.5 billion loss for fiscal 2023 and is projecting a $6.3 billion deficit in 2024, according to Keep US Posted, a nonprofit advocacy group.
— The Associated Press contributed to this report.
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Khristopher J. Brooks is a reporter for CBS MoneyWatch. He previously worked as a reporter for the Omaha World-Herald, Newsday and the Florida Times-Union. His reporting primarily focuses on the U.S. housing market, the business of sports and bankruptcy.
