New year, new price to mail letter via US Postal Service

The price of stamps is going up again in 2024.

The U.S. Postal Service (USPS) announced the price increase for a First-Class Mail Forever stamp from 66 to 68 cents, which will take effect Jan. 21.

Single stamps are for letters weighing one ounce or less. The additional-ounce price will remain the same at 24 cents. 

“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,” USPS said in a press release. 

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The cost of forever stamps is increasing from 66 to 68 cents starting Jan. 21, 2024. (Justin Sullivan/Getty Images / Getty Images)

The adjustments, approved by the governors of the Postal Service, raises mailing services product prices about 2%. 

The cost of mailing postcards is also going up, whether they are sent domestically or internationally. The cost to mail international letters is going up from $1.50 to $1.55. 

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The cost to ship a package is also expected to go up about 6% in 2024. (Hans Gutknecht/MediaNews Group/Los Angeles Daily News via Getty Images / Getty Images)

Package shipping costs are also expected to go up by nearly 6%, according to ABC News. 

This will be the second stamp price hike since the summer. The USPS raised stamp prices from 63 to 66 cents in July. 

In November, the USPS reported a $6.5 billion net loss for fiscal year 2023 despite initially aiming to break even.

A worker loads mail into a delivery vehicle outside a United States Postal Service (USPS) distribution center in Chicago on Tuesday, Oct. 12, 2021. The USPS requested its latest mailing price increases earlier this year, citing high inflation. (Luke Sharrett/Bloomberg via Getty Images / Getty Images)

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Previously purchased Forever stamps may still be used following the price increase, hence their name.

The postal service maintains their prices are “among the most affordable in the world.”

Fox Business’ Michael Dorgan contributed to this report. 

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