The price increases, which will range from 25 cents to upwards of $6 per package, would go into effect on October 2, 2022 and last through January 22, 2023 for individuals and businesses on mailings that include Priority Mail, Priority Mail Express and First- Class Package Service.
“These temporary rates will keep USPS competitive while providing the agency with the revenue to cover extra costs in anticipation of peak-season volume,” it said. The Postal Regulatory Commission still has to approve the higher rates.
Last month, the cost of a US postage stamp increased by 2 cents, raising the cost of mailing a first-class letter by 3.4%, to 60 cents. A price hike that modest seems almost quint given that overall consumer prices are up 9.1% year over year, the fastest pace in 40 years.
— CNN Business’ Chris Isidore contributed to this report.