USPS proposes 5th postage hike since 2021 — a move critics call "unprecedented"

The U.S. Postal Service wants to boost the cost of postage in January, which would mark the fifth rate increase since 2021 and come on the heels of a July postage hike. Some critics are decrying the plan, saying that the rapid price increases are "unprecedented" and causing customers to stop using the mail. 

The USPS on Friday said it filed notice with the Postal Regulatory Commission to hike rates beginning on Jan. 21, 2024. The new prices would raise the cost of a first-class Forever stamp from its current 66 cents to 68 cents, while other mailing costs would also rise. 

If approved, the rate hike would represent the fifth increase since August 2021, when a Forever stamp increased to 58 cents. In announcing the latest proposed hike, the postal service said that higher rates are needed to offset inflation and "the effects of a previously defective pricing model." But critics and postal experts have grumbled that customers are paying more while getting less for their money.