December 25, 2013 in Nation/World

First-class stamps to cost 3 cents more

Bradley Klapper Associated Press
 

WASHINGTON – Mailing a letter is about to get a little more expensive.

Regulators on Tuesday approved a temporary price hike of 3 cents for a first-class stamp, bringing the charge to 49 cents a letter in an effort to help the Postal Service recover from severe mail decreases brought on after the 2008 economic downturn.

Many consumers won’t feel the price increase immediately. Forever stamps, good for first-class postage whatever the rate, can be purchased at the lower price until the new rate is effective Jan. 26.

The higher rate will last no more than two years, allowing the Postal Service to recoup $2.8 billion in losses. By a 2-1 vote, the independent Postal Regulatory Commission rejected a request to make the price hike permanent.

The higher cost “will last just long enough to recover the loss,” Commission Chairman Ruth Y. Goldway said.

The Postal Service is an independent agency that does not depend on tax money for its operations but is subject to congressional control. Under federal law, it can’t raise prices more than the rate of inflation without approval from the commission.

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