The U.S. Postal Service is seeking to increase the price of its first-class mail forever stamp in the biggest price hike since 1991.
The USPS board of governors requested a 5 cent increase to the forever stamp, up to 55 cents. Before recalculating the cost of sending those wedding invitations, USPS said the change would also reduce the additional ounce price of letters. So, a 2-ounce stamped letter would decrease from 71 cents to 70 cents, according to a statement.
Priority Mail flat rate prices could also increase by an average of 5.9 percent. For example, a medium flat rate box that now goes for $13.65 would increase to $14.35.
The Postal Regulatory Commission must approve the changes before they could go into effect.
The new price plan comes at a time when USPS is struggling with sales, as mail has been replaced with electronic communication. While the service has been handling more package delivery, the loss in mail delivery has been more dramatic — and mail is the service's main source of revenue, Postmaster General and CEO Megan Brennan said earlier this year of the financial loss.
The Associated Press contributed to this report.
