Postal stamps may be going up in price

The U.S. Postal Service announced plans Tuesday for an almost 8% cost increase of a first-class stamp from 68 cents to 73 cents, 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 maintain financial stability. If approved, the 5-cent increase would take effect July 14.

The US Post office is the only government run entity that is self supported and doesn’t rely on tax dollars for help and U.S. Postmaster General Louis DeJoy 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 would actually be reduced by 10%.