Earlier this year, the United States Postal Service announced new international postage rates for letter and postcard mail. These rates are intended to increase revenue and help the service become more efficient.
These prices are lower than the Bureau of Labor Statistics' annual inflation rate of 7.9 percent. Currently, USPS offers one of the lowest letter-mail postage rates in the industrialized world.
The new international postage rates are a part of a 10-year plan from USPS called "Delivering for America." The Postal Regulatory Commission reviewed the proposed rates and approved them. These new prices will be effective in 2022.
The new rates will not affect the current rate of 35 cents for a postcard. However, the price of first class mail will increase by two cents to 60 cents.
Commercial rates for Priority Mail will also increase by 3.6 percent. In 2022, the international rate for 5C/letter mail will rise by 4.557 percent.
Special Services products include post office box rental fees. The USPS has also been looking to raise fees for certified mail and other special services.
During the next decade, USPS estimates that it will incur an operating loss of $160 billion. To offset the loss, the Postal Service is seeking a price adjustment for Special Services products. In addition, it plans to make changes to post office hours and delivery times.
The USPS has been relying on sales of its products and services to generate revenue. The new prices will allow the post office to continue offering great value in shipping.
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