U.S. Postmaster General David Steiner said last month the U.S. Postal Service could run out of cash as early as October.
The USPS indicated at least one way it plans to try to avoid that: Raising postal prices.
In a release posted to its websites, USPS officials sought Thursday to raise the price of first-class mail stamps to 82 cents from 78 cents effective July 12.
The proposal, which must be approved by the Postal Regulatory Commission, would raise overall mailing services prices by 4.8%, according to a report by Reuters.
Earlier this week, USPS won approval from the Postal Regulatory Commission for a temporary 8% price hike for priority mail and package deliveries, effective April 26, to deal with rising transportation and fuel costs. USPS plans for the surcharge to be in effect through January 17, multiple outlets have reported.
Accoding to the Reuters report, USPS has reported net losses of $118 billion since 2007 as first-class mail, its most profitable product, has fallen to its lowest volume since the late 1960s. USPS in February reported a quarterly loss of $1.25 billion.
The commission separately approved USPS’s plan to suspend employer pension contributions starting Friday, which will conserve $200 million in cash every two weeks, or $2.5 billion through September 30.
Reuters also reported USPS struck a deal with Amazon that will see the retailer use the Postal Service for at least 1 billion packages a year, or 80% of its volume last year.
