Postal regulators announced Tuesday they’ve approved a 3 cent price increase for first-class stamps, bringing the cost of sending a typical letter to 49 cents.
Officials attributed the hike to the decline in mail volume since 2008. The new price, effective Jan. 26, should allow the Postal Serivce to replenish $2.8 billion in revenue losses, the AP reports.
The price will stay at 49 cents for only two years. Regulators said it could not be made permanent.
Bulk mail, package service and periodicals will see a 6% price increase.
People critical of the decision say that charities who send out mass mailings and independent bookstores competing with Amazon will suffer from the new prices.