The U.S. Postal Service (USPS) has increased the price of a first-class stamp to 82 cents, up from 78 cents, with the new rate taking effect on Sunday as the agency seeks to strengthen its

finances.

The increase follows an announcement in April that mailing prices would rise by an average of 4.8%, part of ongoing efforts to improve the financial position of the postal service.

US Postmaster General David Steiner told members of Congress last month that the USPS continues to operate under what he described as a broken business model. He said the agency, which has accumulated around $120bn in net losses since 2007, requires legislative support to secure its long-term future.

The postal service has struggled with a sharp decline in first-class mail, traditionally its most profitable business, as consumers and businesses increasingly rely on digital communication. Mail volumes have fallen to levels last seen in the 1960s, while the USPS remains legally required to maintain an extensive nationwide delivery network.

Steiner has argued that further price increases may be acceptable to customers, suggesting many Americans would still be willing to pay between 90 and 95 cents to send a letter. He noted that postage rates in many other countries are equivalent to $2 or more per letter. Photo by IFCAR, Wikimedia commons.