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Postal Service proposes 5 cent increase to first-class stamp

US Postal Service proposes five cent increase to first-class stamp as President Trump criticizes agency's revenue shortfall

  • USPS is seeking to increase the price of its first-class stamp by five cents to 55
  • The proposal was announced on Wednesday by the USPS board of governors
  • If approved, the 10 percent increase would be the largest reported since 1991
  • It comes as Trump criticized the agency for 'losing a fortune' by not charging higher shipping rates

By Associated Press and Dailymail.com Reporter

Published: 21:16 EDT, 10 October 2018 | Updated: 18:14 EDT, 11 October 2018

The US Postal Service is seeking to increase the price of its first-class stamp by five cents to 55 cents to help stem its mounting red ink.

The proposal was announced on Wednesday by the USPS board of governors.

If approved by regulators, the 10 percent increase to the cost of mailing a one-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.

The US Postal Service is seeking to increase the price of its first-class stamp. The proposal was announced on Wednesday

If approved by regulators, the stamp price would hike by five cents to 55 cents to help stem its mounting red ink

If approved by regulators, the stamp price would hike by five cents to 55 cents to help stem its mounting red ink

It comes as President Donald Trump 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.

USPS said in a statement it believes the historic price increase is necessary for the agency.

'The Governors believe these new rates will keep the Postal Service competitive while providing the agency with needed revenue,' the statement said.

The proposal comes as President Trump criticized the agency for 'losing a fortune' by not charging higher shipping rates

The proposal comes as President Trump criticized the agency for 'losing a fortune' by not charging higher shipping rates

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