Forever Stamp Prices Set to Rise Again

The U.S. Postal Service has announced yet another increase in the price of Forever Stamps, marking the second hike in 2024 alone. Effective July 14th, the cost of a Forever Stamp will rise to a record-high 73 cents, up from the current 68 cents.

This latest increase comes six months after the January 2024 price adjustment, which saw Forever Stamps rise from 66 to 68 cents. The upcoming 5-cent jump equals the largest single-hike in Forever Stamp price history, tying the previous record set in January 2019.

As the cost of sending mail continues to climb, staying informed about these changes and their impact on your budget is more important than ever. In this article, we’ll delve into the details of the upcoming price hike, explore the history of Forever Stamp prices, and examine the reasons behind these ongoing increases. 

Understanding the factors driving the rising postage cost will better equip you to navigate these changes and make informed decisions about your mailing needs. So, let’s dive in and uncover the story behind the Forever Stamp price hike.

What You Need to Know about the 2024 Forever Stamp Price Increase

The U.S. Postal Service will raise the price of Forever Stamps to 73 cents starting July 14, 2024. This 5-cent increase marks the second price hike in 2024, following the January adjustment that saw Forever Stamps rise from 66 to 68 cents.

Here’s a breakdown of the critical details:

• New Forever Stamp price: 73 cents
• Effective date: July 14, 2024
• Previous price: 68 cents (January 2024)
• Price increase: 5 cents, tying the record for the largest single-hike in Forever Stamp history

But it’s not just Forever Stamps that will see a price increase. Other USPS services will also experience price adjustments, including:

• Metered 1-ounce letters: 69 cents (up from 64 cents)
• Domestic postcards: 56 cents (up from 53 cents)
• International postcards and 1-ounce letters: $1.65 (up from $1.55)
• Additional ounce price for single-piece letters: 28 cents (up from 24 cents)

These price changes will affect personal and business customers, making it essential to factor in the increased costs when planning your mailing budget. While the price hikes may seem small individually, they can add up quickly for frequent mail users.

As we explore the history of Forever Stamp prices and the reasons behind these increases, remember the impact these changes can have on your daily life and long-term expenses.

What are Forever Stamps

Introduced by the U.S. Postal Service in 2007, forever stamps have become popular for many Americans due to their unique feature: they maintain their value regardless of future price increases. Even if the stamp price has increased since purchase, a Forever Stamp can still mail a 1-ounce letter.

Let’s take a look at the history of Forever Stamp prices since their inception:

• May 14, 2007: 41 cents
• May 12, 2008: 42 cents
• May 11, 2009: 44 cents
• January 22, 2012: 45 cents
• January 27, 2013: 46 cents
• January 26, 2014: 49 cents
• April 10, 2016: 47 cents (rare price decrease)
• January 22, 2017: 49 cents
• January 21, 2018: 50 cents
• January 27, 2019: 55 cents (record-tying 5-cent increase)
• August 29, 2021: 58 cents
• July 10, 2022: 60 cents
• January 22, 2023: 63 cents
• July 9, 2023: 66 cents
• January 21, 2024: 68 cents
• July 14, 2024: 73 cents (upcoming price, record-tying 5-cent increase)

As you can see, Forever Stamp prices have steadily increased over the years, with a few notable jumps, such as the 5-cent hikes in January 2019 and the upcoming July 2024 increase. These price adjustments have generally outpaced inflation, with the cumulative increase from 2007 to the present far exceeding the inflation rate over the same period.

With Forever Stamps, the post office and first-class postage remain convenient and cost-effective. Customers should adjust their budgets accordingly and consider buying stamps in bulk to save money over time.

As we continue to explore the factors behind these price increases and compare U.S. postage costs to those of other countries, keep in mind the unique value proposition of Forever Stamps and their role in helping consumers navigate the ever-changing landscape of postal rates.

U.S. Postage Costs in a Global Context—How Do We Compare?

While Forever Stamp prices have been on the rise in recent years, it’s essential to consider the cost of U.S. postage in a global context. Despite the increases, U.S. stamp prices remain among the most affordable globally, particularly compared to other developed nations.

Between June 2018 and June 2023, the U.S. Postal Service ranked 23rd out of 31 countries in stamp price increases, with a 26 percent increase, less than half of the average price increase. When adjusting for purchasing power parity, the U.S. had the lowest stamp price among the surveyed nations.

Several factors contribute to the lower cost of U.S. postage compared to other countries:

• Large domestic mail market: The U.S. has the largest domestic mail market in the world, handling over 50% of the world’s mail volume. This scale allows the USPS to spread its fixed costs over larger mailpieces, keeping prices relatively low.
• Differences in pricing regulations: Postal services in other countries may have more flexibility in setting prices or be subject to different regulatory constraints than the USPS. These differences can lead to higher postage costs in those nations.

While it’s important to acknowledge the affordability of U.S. postage globally, it’s also crucial to understand the factors driving the ongoing price increases for Forever Stamps and other USPS services.

Factors Driving Forever Stamp Price Increases

The increasing postage rate for Forever Stamps can be attributed to several key factors, including:

• Declining first-class mail volume: In 2023, the volume of first-class mail, including letters and postcards, reached its lowest level since 1970, as more people embraced digital communication methods. This significant decline in volume has had a major impact on USPS revenue, as first-class mail is one of its most profitable services. 
• Inflation and rising operational costs: Like any business, the USPS faces increased costs due to inflation, including higher prices for fuel, wages, and other essential resources. These rising expenses pressured the postal service to raise prices to maintain its financial stability.
• USPS financial challenges and obligations: The USPS has been facing financial challenges due to unique obligations imposed by Congress, which have strained its finances. The USPS’s 10-year “Delivering for America” plan aims to achieve long-term financial sustainability through regular price adjustments. It also reported a $6.5 billion net loss for the 2023 fiscal year, which was impacted by inflation and contrasted with the prior year’s $56.0 billion net income, mainly due to the Postal Service Reform Act.

Forever Stamp prices are expected to keep rising as USPS adapts to changes in the mailing landscape and addresses financial challenges. Understanding these factors can help consumers make informed decisions about their mailing needs.

Staying Informed and Prepared

As we’ve seen throughout this article, Forever Stamp prices have been upward, with the latest increase set to take effect on July 14, 2024. While these price hikes can be frustrating for postal customers, it’s essential to understand the broader context and factors driving these changes.

By staying informed about upcoming price adjustments and their reasons, you can better plan your mailing budget and make strategic decisions, such as stocking up on Forever Stamps before a price increase to lock in the current rate.

Moreover, it’s essential to consider the relative affordability of U.S. postage compared to other countries, especially in light of the upcoming Forever Stamps price increase. Despite the challenges faced by the USPS, Forever Stamps remain a convenient and cost-effective option for many Americans.

As the postal landscape continues evolving, staying engaged and adapting to changing circumstances is crucial. Doing so ensures you’re making the most of your mailing budget and taking advantage of Forever Stamps’ unique benefits.

So, whether you’re a frequent mail user or simply someone who appreciates the value and convenience of Forever Stamps, keep an eye on future price adjustments, and remember to factor these changes into your long-term planning. By staying informed and prepared, you’ll be well-equipped to navigate the ever-changing world of postal rates and make the most of your mailing experience.