USPS Says Stamp Prices Will Rise This Summer Under DeJoy’s 10-Year Overhaul Plan (From CBS News)

Lexington’s Paul Steidler was quoted in a CBS News story about the U.S. Postal Service’s announcement that it will raise mail prices an average of nearly 7 percent. The price of a first-class stamp will rise from 55 cents to 58 cents.

The plan comes when on-time delivery rates of mail are down significantly. “Asking consumers and businesses to pay more for a service that is underperforming could risk a further loss of postal business, said Steidler. “People are willing to pay more for mail but want a guarantee, or at least an assurance, that it will be delivered on time,” he continued.

Moreover, Steidler argued, “To come out and say you’re going to ask for close to a 7% hike in that atmosphere, and at a time when there is fragility in the economy, that is, I think, going to do more harm than good.” The dissatisfaction with service among consumers that could result from the price hike may also move business away from USPS, he added.

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