LOS ANGELES – Yes, it’s still summer, but it’s very important that you anticipate the shipping price increases that will pinch your wallet this upcoming holiday season.
On August 10, the USPS filed a notice to customers saying they should expect a temporary price hike to “offset” costs during the peak of the holiday shipping season this year. . The price increases are pending approval by the Postal Regulatory Commission, but if approved, expect increased shipping costs from October 2 through January 22, 2023.
Heavy-duty packages can cost up to $6.50 extra, and commercial priority mail will cost at least 75 cents more, according to the advisory.
“This seasonal adjustment will bring prices for the Postal Service’s business and retail customers in line with competitive practices,” the Postal Service said in a statement. “There are no structural changes planned under this limited pricing initiative.”
The latest decision, part of the Delivering for America agency’s 10-year plan to achieve financial sustainability and service excellence, comes after the USPS raised the price of first-class mail by 6.5 % in July.
The Postal Service notes that it generally does not receive tax dollars for its operating expenses and relies on the sale of postage, products and services to fund its operations.
The Labor Department reported Wednesday that consumer prices rose 8.5% year over year in July, cooling slightly but still near the highest level in 40 years.
Earlier this week, Postmaster General Louis DeJoy told the Postal Service Board of Governors that the USPS expects to lose up to $70 billion over the next 10 years.
FOX Business contributed to this report.