USPS says stamp prices will rise this summer under DeJoy's 10-year overhaul plan

The U.S. Postal Service said it will raise rates on postage for letters, postcards and other mail services this summer as part of Postmaster Louis DeJoy's 10-year plan to overhaul the agency's flailing finances. The cost of a stamp for first-class mail will increase to 58 cents from its current 55 cents. 

DeJoy, whose tenure has been marked by controversy over his operational changes at the service, earlier this year unveiled a 10-year plan to overhaul the USPS. He said the changes are necessary to stanch billions of dollars in losses and put the agency on the path to profitability — and on Friday he said raising postage rates are part of the effort to boost revenue.  Single-piece first-class mail volume, such as letters that have postages stamps, has declined 47% during the past 10 years, the USPS said Friday. Even with the latest increase, the USPS said it will continue to have "some of the lowest letter-mail postage rates in the industrialized world" when they go into effect on August 29. Overall, the USPS said mail prices will rise almost 7%.