The United States Postal Service has officially announced what will be the largest cost hike for stamps since 1991.
This pricing increase affects “forever” stamps, which will now cost 55 cents, making for a five-cent up-charge.
This cost hike was initially proposed last October and approved in November.
USPS reported a net loss of $3.9 billion during the 2018 fiscal year, and the new rates are intended to keep the service “competitive.”
"The Governors believe these new rates will keep the Postal Service competitive while providing the agency with needed revenue," wrote USPS in a statement regarding the proposal in October. "The Postal Service receives no tax dollars for operating expenses and relies on the sale of postage, products, and services to fund its operations."
The price of flat rate Priority Mail is also subject to a 5.9 percent. For example, a small flat rate box will now cost $7.90, up from $7.20.
Despite the USPS’s pricing adjustments, the mission of the agency continues to prioritize efficiency and reliability.
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