Current:Home > NewsU.S. stamp prices are rising, but still a bargain compared with other countries-LoTradeCoin
U.S. stamp prices are rising, but still a bargain compared with other countries
View Date:2024-12-23 23:11:04
Americans who are frustrated with the ever rising cost of postage may be surprised to learn that mailing a first-class letter costs significantly less in the U.S. than in other parts of the world.
The U.S. Postal Service — which has already raised the price of stamps twice this year, bringing the cost of sending first-class mail to 73 cents — tried to cushion word of the latest increase by noting that postage costs at home "remain among the most affordable in the world."
It's a safe assumption that the Postal Regulatory Commission will approve the sixth price hike since January 2021, with the five-cent increase then schedule to take effect on July 14. Still, folks may not realize what a relative bargain postage in the U.S. is, at least when compared to mailing costs around the world.
The U.S. ranks No. 5 in a listing of postage costs in a list of 30 countries, according to the USPS' Office of Inspector General. The agency found that the cost of a stamp in the U.S. had risen a total of 26% — from 36 cents to 50 cents — over a five-year period from June 2018 to June 2023 — far less, on average, than in the other countries it looked at.
U.S. stamps also cost the least of the 31 postal services when the numbers were adjusted for purchasing power parity, a metric incorporating a country's productivity, economic growth and cost of living. That adjusted-cost analysis had Italians paying $4.48 for a single first-class stamp as of June 2023, making 63 cents for a First Class Forever stamp appear quite the bargain indeed. The nominal price of an Italian stamp came to $2.96 — the priciest of the 31 nations listed.
The USPS' latest postage hike comes as the agency, which in November reported a $6.5 billion loss for fiscal 2023, tries to streamline. Postmaster General Louis DeJoy is scheduled to appear before a Senate hearing on Tuesday to talk about the agency's operations.
Kate GibsonKate Gibson is a reporter for CBS MoneyWatch in New York.
veryGood! (1633)
Related
- Skiing legend Lindsey Vonn ends retirement, plans to return to competition
- North Carolina governor declares state of emergency as wildfires burn in mountains
- CMA Awards 2023: See the Complete Winners List
- New Barbie doll honors Wilma Mankiller, the first female Cherokee principal chief
- It's Red Cup Day at Starbucks: Here's how to get your holiday cup and cash in on deals
- German government advisers see only modest economic growth next year
- A pickup truck crash may be more dangerous for backseat riders, new tests show
- 'The Marvels' review: Brie Larson and a bunch of cats are the answer to superhero fatigue
- Steelers shoot for the moon ball, but will offense hold up or wilt in brutal final stretch?
- Russia, Iran, China likely to engage in new election interference efforts, Microsoft analysis finds
Ranking
- 'Yellowstone's powerful opening: What happened to Kevin Costner's John Dutton?
- Voters remove 5 Michigan officials who support Chinese-owned factory for electric vehicle batteries
- Family in 'living hell' after California woman vanishes on yoga retreat in Guatemala
- Kansas officials begin process of restoring court information access after ‘security incident’
- The Daily Money: Markets react to Election 2024
- Long Beach man who stabbed mother with kitchen knife dies after police shooting
- Watch Bachelor in Paradise's Eliza Isichei Approach Aaron Bryant About His Ex-Girlfriend Drama
- Woman charged with threatening federal judge in abortion pill case arrested in Florida
Recommendation
-
'Underbanked' households more likely to own crypto, FDIC report says
-
Governors call for more funds to secure places of worship as threats toward Jews and Muslims rise
-
Gavin Rossdale on his athletic kids, almost working with De Niro and greatest hits album
-
Tupac Shakur murder suspect to face trial June 2024, Las Vegas judge says
-
UFC 309: Jon Jones vs. Stipe Miocic fight card, odds, how to watch, date
-
Voters remove 5 Michigan officials who support Chinese-owned factory for electric vehicle batteries
-
Vatican says it’s permissible for transgender Catholics to be baptized
-
'The Voice': Tanner Massey's emotional performance reminds Wynonna Judd of late mother Naomi