On Thursday, the USPS proposed a temporary price increase in preparation for the upcoming holiday season.
According to the announcement, priority mail, first-class services, and ground shipping rates could increase by as little as 25 cents and as much as $6.50, respectively.
Once approved by the Postal Regulatory Commission, the temporary hike would take effect on October 2 and remain in place until January 23.
The proposed price increase is part of a 10-year strategy by the Postal Service to avoid projected losses of around $160 billion.
Concerned that the mail-carrying service was losing so much money that it might go bankrupt by 2024, President Biden signed a reform bill for the Postal Service into law.
The legislation removed a major financial burden from the Postal Service by eliminating the need to prefund retiree health benefits for employees.
Delivery of many first-class packages was slowed by the Postal Service earlier this year in an effort to reduce costs.
It placed an order for a new fleet of electric vehicles in July, converting about 40% of its fleet to electric power. The Postal Service claims that the purchase of new vehicles is part of an overall strategy to reduce costs over time, despite the substantial outlay of capital involved.
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