The U.S. Postal Service says the price of a first-class Forever stamp will increase from 50 cents to 55 cents on Sunday, January 27 – an increase of 10 percent.
The 2019 stamp price hike, accompanied by other mailing and shipping increases, is the biggest price increase by total cents in the history of the Postal Service.
Approved by the Postal Regulatory Commission, the price increases are an effort to keep the post office competitive while providing the agency with needed revenue to offset record operating losses in 2018 totaling nearly $4 billion.
“Reforms are necessary to enable the Postal Service to further reduce costs, grow revenue, compete more effectively, function with greater flexibility to adapt to a dynamic marketplace and to prudently invest in our future,” said Postmaster General and CEO Megan J. Brennan in a prepared statement.
“The Postal Service will remain focused on aggressively managing our business. We will take all appropriate actions within our control to ensure that we can continue to fulfill our primary mission to provide prompt, reliable and efficient service to American businesses and consumers in all communities in our country.”