The U.S. Postal Service (USPS) last week proposed its biggest price hike for first-class mail since 1991.
The USPS board of governors requested a 5-cent increase to the price of a First-Class “forever” stamp, from 50 cents to 55 cents. The cost of shipping services would vary by product, with Priority Mail Express set to increase 3.9 percent and Priority Mail to go up by 5.9 percent.
“The Governors believe these new rates will keep the Postal Service competitive while providing the agency with needed revenue,” the USPS said in a statement.
The USPS has long struggled with declining consumer sales tied to the growth of electronic communication. If approved by the Postal Rate Commission, these price changes would take effect Jan. 27, 2019.