The U.S. Postal Service has temporarily increased the price for first-class stamps by three cents. The new price is 49 cents.
The Postal Regulatory Commission voted to increase the price of a first-class stamp for two years. The law caps the Postal Service from charging more than the rate of inflation. But the Board of Governors made an exception. The price of a stamp could drop in two years if the rate of inflation doesn’t cover the increase.
PRC hopes the new revenue will counter the financial troubles in the post office.
“We’re supported entirely by the sale of postal products and services, we receive no tax dollars,” USPS employee Robert Soler. “So due to the decline in mail volume, we’ve also seen a decline in revenue.”
Soler says the Postal Service intends to generate $2 billion in annual revenue with the new price changes.