The cost of mailing a letter is going up in January.
In an effort to improve its financial situation, the U.S. Postal Service has made a 5-cent increase on its first-class stamp, which increases the cost of mailing a one-ounce envelope from 50 cents to 55 cents.
The change, which was proposed by the Postal Service’s board of governors, was approved by regulators. The 10 percent increase for a one-ounce letter is the biggest increase in postal rates since 1991.
The good news: The price of each additional ounce is going down from 21 cents to 15 cents.
The Postal Service has had years of financial troubles due to a variety of factors and really needs more money. A steady decrease in mail volume (which is the Postal Service’s main source of revenue), combined with the cost of providing employee benefits such as healthcare and pension obligations, has overshadowed the steady gain in package deliveries.