The cost of mailing a letter just went up. Starting this week, the U.S. Postal Service raised the price of a ‘forever stamp’ from 50 cents to 55 cents.
It’s only a nickel, but the ten percent hike is actually the biggest price increase ever for the USPS. Priority Mail rates are also going up by about 70 cents.
The Postal Service has been losing money for years, posting a $3.9 billion loss in 2018. The biggest reason is that fewer and fewer people are sending things through the mail, but Postmaster General Megan Brennan says a ‘flawed business model’ is also to blame.