The U.S. Postal Service said on Friday it plans to raise the price of a first-class postage stamp to 58 cents, from 55 cents, to offset falling revenues as volumes drop.

In the past 10 years, mail volume has sunk 28%, USPS said in a statement and is continuing to fall.

Prices for postcards, international letters, and other services will increase as well, effective Aug. 29.

The USPS reportedly recorded a $9.2 billion net loss in 2020.

It is also reported that mail volume has decreased every year since 2014 but declined by a record 4.8% in 2020 and 4.6% in 2021.

Readers Bureau, Contributor

Edited by Jesus Chan

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