The United State Postal Service is looking to increase stamp prices to 49 cents next year, up 3 cents from the current price. The announcement was made Wednesday.
Proposed changes are expected to go into effect in January and are intended to generate $2 billion in revenue for the postal service.
Below is the breakdown of all single-piece First-Class Mail pricing and increases, which would go into effect on Jan. 26, 2014 if approved.
Letters (1 oz.) — 3-cent increase to 49 cents
Letters additional ounces — 1-cent increase to 21 cents
Letters to all international destinations (1 oz.) — $1.15
Postcards — 1-cent increase to 34 cents
The Governors of the Postal Service voted Sept. 24 to seek price increases above the typical annual increases associated with changes in the Consumer Price Index (CPI).
In a press release issued Wednesday, Board of Governors Chairman Mickey Barnett described the “precarious financial condition” of the Postal Service and the “uncertain path toward enactment of postal reform legislation” as primary reasons for seeking price changes above the CPI increase.
He also indicated the price adjustment above the CPI increase is necessary to ensure the Postal Service is able to maintain and continue service in the U.S.The Postal Service receives no tax dollars for operating expenses and relies on the sale of postage, products and services to fund its operations.