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U.S. Postal Service To Raise Prices Temporarily For Holiday Season

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The U.S. Postal Service filed a notice on Wednesday informing about of a temporary price hike for this year's peak holiday season, which it said would help tide over extra handling costs.

The agency said the adjustment was approved by its board of governors and is now pending review by the Postal Regulatory Commission. The price increase would go into effect on October 2 and remain in place until Jan0 22, 2023.

The agency said that the adjustment is similar to past years and will allow it to remain competitive during the peak shipping season.

The price increases depend on the weight of the package and the distance of the delivery. Commercial priority mail packages will see a 75 cent hike, and heavy, long-distance deliveries could see increases of up to $6.50. The agency noted that it relies on postage, product and service sales to fund operations.

The announced price hike comes soon after the agency revealed plans to buy at least 25,000 electric delivery vehicles.

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