The new price to mail a letter may be 49 cents soon.
The U.S. Postal Service Board of Governors are proposing to raise the price of a first-class stamp by 3 cents, citing the “precarious financial condition” and the uncertain prospects for postal overhaul legislation in Congress is the reason for the increase.
The Postal Service must first receive the approval of its regulatory panel, Postal Regulatory Commission, before it can legally raise prices over the rate of inflation.
“Of the options currently available to the Postal Service to align costs and revenues, increasing postage prices is a last resort that reflects extreme financial challenges,” board chairperson Mickey Barnett wrote customers.
After the agency said it lost $740 million in its last quarter which ended June 30 and reporting a $5.2 billion loss during last year’s fiscal period, Barnett cited, “Extraordinary and exceptional circumstances which have contributed to continued financial losses,” by the agency which is the reason for the increase.
The rate increase is under review and pending approval.
