Postal rates to increase May 12th
U.S. Postal Service says the cost of a first-class stamp will increase by one penny, to 42 cents, starting in May
February 13, 2008
The United States Postal Service has announced rate increases for postage starting May 12th. Mailing a letter will soon cost once cent more, increasing from 41 cents to 42 cents for a first-class stamp.
The price of the Forever stamp will go up at the same stamp. Forever stamps purchased now for 41 cents will remain good for first-class postage after the rate increase takes effect.
The postage rate for other services including advertising mail, periodicals and packages special services will also change. The rates for Priority Mail and Express Mail have not yet been announced.
The last time postage rates went up was May, 2007, increasing the cost of a first-class stamp from 39 cents to the current 41 cent rate.
In the past, raising postage rates involved hearings before the independent Postal Regulatory Commission. The rate increase process could take nearly a year. In late 2006, a new law took effect regulating the post office.
Under the new law, the agency is allowed to increase rates with 45-days notice as long as changes are within the rate of inflation for the previous 12 months. The Postal Regulatory Commission calculated that rate at 2.9% through January, limiting the first-class rate to an increase of just over a penny. Under the new law, postal prices will be adjusted annually each May.