Stock Up on Forever Stamps, 3 Cent Increase on Sunday
Frequent letter senders take note – it may be a good idea to stock up onForever Stamps before the end of the weekend.
On Sunday it will cost more to mail a letter as the stamp is set to seethe biggest price bump it's gotten in quite some time.
Around this time of year wenormally see the new stamp prices kicking in, but this latest increase is thebiggest in more than a decade.
Starting Sunday, a regular, first-class stamp will cost 49 cents. That's3 cents more than it would cost you today.
Last year, the stamp hike was only a one cent but this year the USPS hasfigured their pricing to account for new factors.
Usually the USPS raises prices just enough to keep pace with inflationand another one cent increase would account for that in 2014. However, thisyear the agency has also added on an additional 2 cents because they need theextra revenue.
The USPS saw $5 billion in losses in 2014 and even more than that theyear prior.
Partly to blame for the loss is changing habits. People are mailingfewer letters.
Another part of the problem is the requirement that the agency put $5 billioninto a fund every year for future retiree health care benefits.
The USPS is looking for ways to cut costs and still need congressionalapproval to make cost-cutting moves like cutting back mail delivery. Themeasures have been unpopular, and have yet to be approved.