Postal Service proposes 5 cent increase to first-class stamp

Posted: Updated:

WASHINGTON (AP) - The U.S. Postal Service is seeking to increase the price of its first-class stamp by 5 cents to 55 cents to help stem its mounting red ink.

If approved by regulators, the 10 percent increase to the cost of mailing a 1-ounce letter would be the biggest since 1991. The price of each additional ounce would go down, from 21 cents to 15 cents.

The proposed increase would take effect in January. It comes as President Donald Trump has criticized the Postal Service for "losing a fortune" by not charging higher shipping rates for online retailers such as Amazon.com.

The Postal Service has seen years of financial losses as an unrelenting drop in mail volume and costs of its health care and pension obligations outweighed strong gains in package deliveries.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."