Postal regulators have approved a temporary price hike for a first-class stamp, according to a Huffington Post report on Tuesday. The price alteration increases the cost of a first-class stamp three cents – which will make the cost of mailing a letter to 49 cents.
The price hike will be effective as of Jan. 26, 2014. The measure has been instituted to assist the United States Postal Service recover from the financial losses incurred following the nation’s economic downturn which occurred some five years ago.
Reportedly, the heightened rate will last no more than two years. In that period of time, the Postal Service expects to recoup $2.8 billion in losses. The increase to 49 cents would have been a permanent increase if it weren’t for the independent Postal Regulator Commission’s rejection of such a request by a vote of 2-to-1.
Package services, bulk mailings, and periodicals rates rise 6 percent.
UPDATE: (Jan. 1, 2014) As word spreads regarding the postage costs increasing, public discontent over the matter is reportedly increasing to great proportions.