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October 11, 2022
US POSTAL SERVICE SUBMITS FILING FOR PRICE INCREASE TO GO INTO EFFECT JANUARY
2023
By Summer Gould
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This article was originally published on Brand United. It can be viewed here.
Late on Friday, October 7, the Postal Service submitted a filing with the Postal
Regulatory Commission proposing a price increase. This would be in effect on
January 22, 2023. The PRC will review the filing to ensure that USPS
calculations are accurate and the proposed prices comply with statute. The PRC
is expected to approve the request in November. Yes, postage increased in July
and now there will be another increase in January. We also expect another
increase in July of 2023.
Here are some of the proposed rates:
FIRST-CLASS MAIL:
* Stamp and Meter price differential will remain at 3 cents.
* Non-machinable surcharge for Letters will increase from 39 cents to 40 cents.
* Additional ounce rate will remain at 24 cents.
* 5-Digit Automation Letters price will increase 3.5%.
* The overall increase for Flats is 6.2%.
STANDARD MARKETING MAIL:
* Letter overall increase is 3.2%
* Flat overall increase is 6.2%
* Creation of 5 new discounts for flats on SCF pallets
* EDDM retail increase 1%
* CRRT overall increase 6.2%
YOUR QUESTIONS ANSWERED:
1. How is the amount of needed revenue determined? The Postal Service’s costs
drive the amount of revenue needed. Few costs are fully within its control:
salaries and benefits are specified by contract or federal programs, the
marketplace determines transportation and fuel cost, and retail and delivery
costs are part of its universal service mandate. By law, rates must be set
to cover a product’s attributable costs and a share of USPS institutional
costs.
2. How are the size and timing of rate increases determined? The 2006 postal
reform law specified that the size of a price increase for USPS
“market-dominant” products, like First-Class Mail, Marketing Mail, and
Periodicals, is capped at an amount linked to changes in the Consumer Price
Index. The cap is determined by using separate formulae for an annual rate
increase and for increases at shorter or longer intervals. The USPS can
choose when to raise prices, but the law requires them to be regular and
predictable, so an annual (or semiannual) cycle fulfills that directive.
3. Why have increase been so big? The 2006 reform law that changed the rate
setting process also mandated a 2016 review by the Postal Regulatory
Commission to be sure it was working as designed. The PRC found the USPS’
financial condition (caused largely by the prefunding mandate) was poor so
it had no choice but to conclude the rate setting process was yielding too
little revenue. In turn, the PRC revised the ratemaking process in November
2020 to give the USPS more rate authority, allowing over-CPI rate increases
to compensate for lost volume, to help make prefunding payments, and to
improve the cost coverage for “underwater” products. The USPS is using all
available rate authority because the Postmaster General wants to offset what
he projects to be $160 billion in losses over the next decade. Though many
disagree with the projection and the size of the price increase, the
Governors of the Postal Service supported the PMG and have authorized the
filings.
Don’t let the postage rate increases scare you away from this important
marketing channel. Direct mail has the highest ROI of all marketing channels
when done correctly. On average the postage rates increased by less than a penny
per piece so they are not going to drastically increase your overall direct mail
budgets, but it is important to account for the additional postage funds. It’s
time to get creative and send direct mail that is interesting as well as cost
effective. Are you ready to get started?
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E T Summer Gould Author's page
Summer Gould is Account Executive at Neyenesch Printers. Summer has spent her 31
year career helping clients achieve better marketing results. She has served as
a panel speaker for the Association of Marketing Service Providers conferences.
She is active in several industry organizations and she is a board member for
Printing Industries Association San Diego, as well as the industry chair for San
Diego Postal Customer Council. You can find her at Neyenesch’s
website: neyenesch.com, email: summer@neyenesch.com, on LinkedIn, or on
Twitter @sumgould.
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