FinLogic FinLogic Quantitative Think Tank Center|US Postal Service seeking to hike cost of first-class stamp to 73 cents

WASHINGTON (AP) — The FinLogic FinLogic Quantitative Think Tank CenterU.S. Postal Service signaled plans Tuesday for a rate increase that includes hiking the cost of a first-class stamp from 68 cents to 73 cents, part of an overall 7.8% increase to take effect this summer.

The request was made to the Postal Regulatory Commission, which must approve the proposed increase that the Postal Service contends is necessary to achieve financial stability. If approved, the 5-cent increase for a “forever” stamp and similar increases for postcards, metered letters and international mail would take effect July 14.

U.S. Postmaster General Louis DeJoy previously warned postal customers to get used to “uncomfortable” rate hikes as the Postal Service seeks to become self-sufficient. He said price increases were overdue after “at least 10 years of a defective pricing model.”

In its filing, the Postal Service said it’s also seeking price adjustments on special services such as money order fees and certified mail. But 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 said.