Oddbean

Agency approves plan to hike US stamp prices to 73 cents ========== The U.S. Postal Service (USPS) has been approved to raise prices of first-class mail stamps to 73 cents from 68 cents, effective July 14. The plan, announced in April and approved by the Postal Regulatory Commission, will raise overall mailing services product prices by 7.8%. USPS is also seeking an average 25% price hike for high-volume shippers to enter packages for regional delivery through its Parcel Select service. Stamp prices have increased by 36% over the last four years. USPS expects its new pricing policy to generate $44 billion in additional revenue by 2031. First-class mail volume fell 6.1% in the 12 months ending Sept. 30, 2023, to 46 billion pieces, the lowest volume since 1968. First-class mail is the highest revenue-generating mail class, accounting for $24.5 billion, or 31% of USPS 2023 revenue. USPS is in the middle of a 10-year restructuring plan announced in 2021 to eliminate $160 billion in predicted losses over the next decade. #Usps #StampPrices #MailingServices #ParcelSelect #Revenue #MailVolume https://www.investing.com/news/stock-market-news/agency-approves-plan-to-hike-us-stamp-prices-to-73-cents-3466237