US Postal Service preparing to hike postage rates for second time this year

The U.S. Postal Service will soon be raising the price of postage stamps for the second time this year. Starting on July 14, a first-class mail “Forever” stamp will increase from 68 cents to 73 cents each, an increase of about 5%, according to Fox Business.

In addition, the price of postage for international postcards and letters will go from $1.55 to $1.65

"The Postal Service is also seeking price adjustments for Special Services products, including Certified Mail and money order fees," according to a press release from April announcing the price changes. "Notably, there will be no price increase for Post Office Box rental fees, and the Postal Service will apply a price reduction of 10 percent for postal insurance when mailing an item."

The USPS said in the release that the changes are needed to achieve financial stability. "As changes in the mailing and shipping marketplace continue, these price adjustments are needed to achieve the financial stability sought by the organization’s Delivering for America 10-year plan," the USPS said.