Postal Service to increase stamp prices again in 2024 due to ‘inflationary pressures’

The price of sending mail is about to go up, again. The United States Postal Service (USPS) announced Friday it might increase stamp prices in 2024 for the second year in a row, citing pressures from inflation.

If approved by the Postal Regulatory Commission, the changes would take effect Jan. 21, 2024. New rates include a 2-cent increase for First-Class Mail Forever stamp, among other proposed changes.

If the price changes are approved by the governors of the Postal Service, service prices would increase by approximately 2 percent, the USPS said in its announcement.

“As inflationary pressures on operating expenses continue and the effects of a previously defective pricing model are still being felt, these price adjustments are needed to provide the Postal Service with much-needed revenue to achieve the financial stability sought by its Delivering for America 10-year plan,” the USPS said in its statement.

Last year, the USPS announced it would increase prices to cope with the rising cost of doing operations. The previous increase raised prices approximately 4.2 percent.

Forever stamps, regardless of when they were purchased, will be accepted as postage by the USPS in perpetuity, hence their name. If you already have purchased some at the currently lower price, they will still be accepted after the prices change. It also means you can purchase some now, before the expected 2024 increase, and they will be accepted.