The price of stamps is set to rise by 3 cents this Sunday from 46 to 49 cents. It is the largest increase in consumer postage prices in 11 years and is set to be in place for the coming 2 years, giving the financially struggling US Postal Service extra revenue.
The agency said this past November that it lost $5 billion in the latest fiscal year, far less in fact than in previous years. The USPS suffered great losses during the economic downturn between 2008 and 2011. The postal service has exhausted a $15 billion loan from taxpayers.
While there has been a great decline in the use of ‘snail mail’ to pay bills and keep in touch, the rise will affect millions of people.