*Pricing actions part of balanced approach under “Delivering for America,” the Postal Service’s 10-year plan for achieving financial sustainability and service excellence
*Following rate changes, USPS prices to remain among the world’s most affordable
*Rate changes also contribute to $40 billion of investments in people, technology and infrastructure over the next 10 years to modernize and improve the Postal Service’s operations and customer experience
*Rate adjustments in accordance with Postal Regulatory Commission approvals, helping to address USPS operating losses exacerbated by declines in mail volume
As part of “Delivering for America,” its 10-year plan to achieve financial sustainability and service excellence, the United States Postal Service filed notice today with the Postal Regulatory Commission (PRC) requesting price changes to take effect Aug. 29, 2021 that are in accordance with approvals provided by the PRC last year.
The proposed price changes would raise overall Market Dominant product and service prices by approximately 6.9 percent. First-Class Mail prices would increase by 6.8 percent to offset declining revenue due to First-Class Mail volume declines. In the past 10 years, mail volume has declined by 46 billion pieces, or 28 percent, and is continuing to decline. Over the same period, First-Class Mail volume has dropped 32 percent, and single piece First-Class Mail volume — including letters bearing postage stamps — has declined 47 percent.
“For the past 14 years, the Postal Service has had limited pricing authority to respond to changing market realities,” said Postmaster General and CEO Louis DeJoy. “As part of our 10-year plan to achieve financial sustainability and service excellence, the Postal Service and the Board of Governors are committed to judiciously implementing a rational pricing approach that helps enable us to remain viable and competitive and offer reliable postal services that are among the most affordable in the world.”
details at: https://about.usps.com/newsroom/national-releases/2021/0528-usps-proceeds-with-request-for-postal-rate-change.htm