The cash-strapped U.S. Postal Service plans to raise the cost of mailing a letter in the United States by three pennies to 49 cents in January, the agency announced Wednesday.
The plan to increase the price of stamps and other postal services is expected to raise $2 billion annually and is subject to special approval from the Postal Regulatory Commission, it said. Prices also will go up for international mail and postcards.
The Postal Service is trying to reverse years of financial loss. It is coping with massive payments into a mandatory fund for its future retirees’ health care and with tumbling mail volumes as more people communicate and pay bills online. It lost nearly $16 billion last year and expects to lose $6 billion this year.