Stock Up on Stamps: The U.S. Postal Service to Raise Postage Prices in 2024 & Beyond

I gotta be honest, I don't send snail mail as much as I used to. Like, hardly ever. Maybe a bill here and there, but the collection of funny birthday cards I've found over the years just hangs out in my desk drawer waiting to be signed, sealed, and delivered.

Luckily, I also have a stash of stamps in that drawer that should last me a good while unless I decide to finally get my act together and send Christmas cards. I remember being told to always buy Forever Stamps because they can be used on any 1 oz. letter at any time, no matter the current prices. The U.S. Postal Service will be raising postage rates again this year and they've already said they plan to again in the future, so if you need to buy stamps, I would stock up.

How Much Do Forever Stamps Cost?

Currently, Forever Stamps are 66 cents, but by the end of the month, they will increase by two cents a piece. On January 21st, 2024, this will be the new rate schedule as approved by the Postal Regulatory Commission.

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New U.S. Postal Service Rates for 2024

Here is the chart from the press release announcing this year's price increases for shipping. "There will be no change to the additional-ounce price, which remains at 24 cents. The Postal Service is also seeking price adjustments for Special Services products including Certified Mail, Post Office Box rental fees, money order fees, and the cost to purchase insurance when mailing an item." According to The Hill, some of those changes will be "USPS Ground Advantage prices will increase by 5.4 percent, Priority Mail service prices will increase by 5.7 percent, and Priority Mail Express service prices will increase by 5.9 percent."

The U.S. Postal Service Responds to Inflation

Just like all of us, the postal service is feeling the stretch of inflation. They do not receive taxpayer funds, so they maintain operations with revenue from postage and product sales, and service fees. These price increases are necessary to continue business as usual and their 10-year plan, Delivering for America, addresses how the postal service can remain self-sustaining. According to Hip2Save.com, "In the past, inflation caps limited the USPS’s ability to raise the price of a stamp by keeping postage increases in line with inflation rates. But the Postal Regulatory Commission recently gave the agency additional rate authority. This means we may be about to see historical price increases" Americans should anticipate future increases each January and July.