Cost of Stamps Increasing Sunday

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Beginning Sunday, the price of stamps is increasing three cents from the current price of 46 cents each.

The U.S. Postal Service approved the hike back in December, in order to keep up with inflation and recoup losses. The agency said in November it lost $5 billion in the latest fiscal year, and it has already exhausted a $15 billion loan from taxpayers to make up for shortfalls.

As part of the increase one cent will keep pace with inflation, and the additional two cents are intended to be temporary.

The Postal Service must regularly report the amount of money it brings in and phase out the higher rates once they have produced enough revenue.

Any forever stamps purchased before Sunday, Jan. 26 can still be used as postage.