USPS Seeks Another Rate Hike

Sending a letter could soon cost you a little more than pocket change. The US Postal Service on Thursday asked regulators to sign off on another rate hike, one that would push the price of a First-Class Forever stamp from 78 to 82 cents on July 12. Overall, mailing letters and postcards would get about 4.8% pricier, reports CNBC. The move follows a proposed 8% fuel surcharge on packages and express mail, as the agency warns it's in a "severe financial crisis" driven by rising costs and a long slide in mail volume—down more than 104 billion pieces a year since 2006, according to Postmaster General David Steiner. The requested price increase on stamps still needs to be approved by federal regulators, notes Politico.

"The Postal Service is using all available tools, including available regulatory pricing authority, to ensure we can continue to fulfill our universal service obligation and serve the American public," the service said in a statement. USPS, which does not receive taxpayer funding, says it will also halt employer contributions to a federal retirement system in order to keep paying workers and vendors. Steiner told lawmakers in March that at current spending levels, the agency could run out of cash in under a year.