On Oct. 13, 2022, the U.S. The Bureau of Labor Statistics is set to announce the consumer price index (CPI) for the month of September.
What Happened: In the past consumer price index release, the all items index increased to 8.3% over the past twelve months, as the (CPI) rose by 0.1% in August.
Over the past twelve months, postage and delivery services for the month of August increased by an unadjusted 3.9%.
This was primarily led by the surge in delivery services costs, accounting for an 11.5% unadjusted increase in the past twelve months, while postage services increased by only 3% unadjusted.
Why This Matters: On Oct. 7, the United States Postal Service announced new prices for 2023, after filing with the Postal Regulatory Commission (PRC) of price changes to take effect on Jan. 22, 2023.
The new rate allows for a three-cent increase in the price of a First-Class Mail Forever stamp from 60 cents to 63 cents.
If the (PRC) favors the side of the U.S. Postal Service, the proposed increases will raise First-Class Mail prices by approximately 4.2% to offset the rise in inflation, which has already been approved by the Governors of the U.S. Postal Service.
Since operating expenses are rising due to inflation, these price hikes will enable the Postal Service to achieve much-needed revenues to provide financial stability in order to achieve its Delivery for America ten-year plan.
New Prices: The proposed price changes include: the price for 1 ounce metered mail would increase from 57 cents to 60 cents, domestic postcards would rise from 44 cents to 48 cents, and international postcards would increase from $1.40 to $1.45, according to the U.S. Postal Service.
The Postal Service is also considering price modifications for special services products including Certified Mail, Post Office Box rental fees, money order fees and the cost to purchase insurance when mailing an item.
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