USPS planning temporary price hike ahead of upcoming holiday season

Yes, it’s still summer, but it’s very important that you plan for the shipping price hikes that are going to pinch your wallet this upcoming holiday season. 

On Aug. 10, the USPS filed a notice for customers that they should expect a temporary price hike to "offset" costs during the peak of the holiday shipping season this year. The price hikes are pending approval by the Postal Regulatory Commission but if they are approved, expect an increase in shipping costs starting Oct. 2 through Jan. 22, 2023. 

Heavy packages can cost up to an additional $6.50 and commercial priority mail will cost at least 75 cents more, according to the notice. 

"This seasonal adjustment will bring prices for the Postal Service’s commercial and retail customers in line with competitive practices," the postal service said in a statement. "No structural changes are planned as part of this limited pricing initiative."

The latest move, which is part of the agency's 10-year Delivering for America plan to achieve financial sustainability and service excellence, comes after USPS upped the price of First-Class mail by 6.5% in July.

The Postal Service notes that it generally receives no tax dollars for operating expenses and relies on the sale of postage, products and services to fund its operations.

The Labor Department reported on 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 is expecting to lose up to $70 billion over the next 10 years.

FOX Business contributed to this report.