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USPS will move forward with higher prices despite lawmaker concerns: letter
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The U.S. Postal Service is moving forward with its decision to raise costs on Aug 29 in an effort to boost revenue, according to a letter from USPS Vice President of Government Relations and Public Policy Peter Pastre.
USPS first announced the increase on May 28, though lawmakers including Rep. Glenn Grotham, R-Wis., have expressed concerns with the plan.
First-class mail stamp prices will increase from 55 cents to 58 cents, and general mail products will see average price increases of about 6.8%. Costs for magazines, newspapers and catalogs will rise by 8.8%, according to a July 19 filing from the Postal Regulatory Commission (PRC).
USPS RAISES STAMP PRICE TO 58 CENTS UNDER DEJOY'S 10-YEAR PLAN
"Under the Postal Accountability and Enhancement Act (PAEA) of 2006, the PRC administers regulations and pricing rules based on whether a product is considered 'market dominant' or 'competitive,'" Pastre wrote in a July 13 letter to Grotham. "Since the enactment of PAEA," the USPS has "not had sufficient pricing authority for [its] market dominant products to adequately respond to changing market realities."
Pastre said the USPS recorded a $9.2 billion net loss in 2020 alone.