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USPS gets a hike in rate

  • Given that the USPS lost $5M in the last fiscal year, it got its rate increased by three cents. The change will be effective Jan. 26 onwards and "will last just long enough to recover the loss," Commission Chairman Ruth Y. Goldway said. 

    The Postal Service hopes to recoup about $2.8B but the president of the Association of Magazine Media said she thinks this decision is counterproductive. "It will drive more customers away from using the Postal Service and will have ripple effects through our economy - hurting consumers, forcing layoffs and impacting businesses," Mary G. Berner said. 

    The first-class stamp, which will now cost 49 cents, is not the only product affected; periodicals, bulk mail and package services will also have prices increased by 6 percent. 

    Tagged as: USPS loss, postal service loss, stamp price USPS, postal service stamp, money news, business news