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U.S. Postal Service increases rates; stamps up to 58 cents

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The U.S. Postal Service said the price increases will increase revenue as part of its 10-year plan to overhaul the agency. File Photo by Kevin Dietsch/UPI | <a href="/News_Photos/lp/9d57a24fc1abaec4e22dfbdcf64a9e96/" target="_blank">License Photo</a>
The U.S. Postal Service said the price increases will increase revenue as part of its 10-year plan to overhaul the agency. File Photo by Kevin Dietsch/UPI | License Photo

May 28 (UPI) -- The U.S. Postal Service announced Friday it's raising rates on postage for letters and postcards, bringing first-class mail stamps from 55 cents to 58 cents.

The increase will go into effect Aug. 29.

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Postmaster General Louis DeJoy said the increase is part of his 10-year plan to overhaul the USPS' financial sustainability by boosting revenue.

Though the base cost of stamps for first-class mail will see a 3-cent bump, the cost for each additional ounce will remain the same -- 20 cents.

Metered letters will increase from 51 cents to 53 cents for 1 ounce, domestic postcards will increase 4 cents to 40 cents, first-class large, flat envelopes will increase from $1 to $1.16, and outbound international letters will increase from $1.20 to $1.30.

"For the past 14 years, the Postal Service has had limited pricing authority to respond to changing market realities," DeJoy said. "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."

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