US Postal Service seeks to hike stamp prices to 73 cents

WASHINGTON (Reuters) - The United States Postal Service (USPS) said on Tuesday it wants to raise the price of first-class mail stamps to 73 cents from 68 cents effective July 14.

The proposal, which must be approved by the Postal Regulatory Commission, would raise mailing services product prices by 7.8%.

USPS in November reported a $6.5 billion net loss for the 12 months ending Sept. 30 as first-class mail fell to the lowest volume since 1968. Stamp prices are up 36% over the last four years since early 2019 when they were 50 cents. First-class mail volume fell 3% last year.

(Reporting by David Shepardson; Editing by Chris Reese)