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USPS File for Price Hike
The United States Postal Service yesterday filed for a price increase with the Postal Regulatory Commission, with the average increase coming out to around 5.6%.
First-Class Mail will rise 5.4% on average making a first class stamp 46 cents. Presorted letter prices will increase an average of 2.1 cents. Presorted flats will jump about 12%, on average.
Standard Mail prices will increase an average of 5.6%. The increase for standard letters will be about 5.0% and flats 5.1%. STD parcels will jump 23.3%, since they currently do not cover their costs. Other classification changes will be proposed as well.
Periodicals will increase by 8% and Package Services will increase 7%, except for Bound Printed Matter flats which will rise only 5%.
The Postal Service acknowledges the price increase will impact customers, but expects the total net benefit of the higher prices to be about $2.3 billion, an amount that will reduce the agency's anticipated Fiscal Year 2011 loss to about $4.7 billion.
The Postal Rate Commission has 90 days to respond and could make changes to the proposed rates. Implementation is planned for January 2, 2011.
