USPS Blames $2.6 Billion of Its FY2023 Loss on ‘Inflation Above What We Expected,’ ‘Historical’ Inflation – By Craig Bannister (CNS News) / Nov 22, 2023
The United States Postal Service (USPS) is blaming unexpectedly high, historic inflation for a major portion of its $6.5 billion loss in Fiscal Year (FY) 2023, which ended on September 30.
Postmaster General and CEO Louis DeJoy detailed the harmful impact of the “historical inflationary environment” during the open session meeting of the Postal Service Board of Governors held earlier this month, on November 14:
“Our efforts to grow revenue and reduce labor and transportation costs were simply not enough to overcome our costs to stabilize our organization, the historical inflationary environment we encountered, and our inability to obtain the CSRS (Civil Service Retirement System) reform we sought, none of which were accounted for in our forecasts.”
