Associated Press | Fox News | Once again the U.S. Postal Service is hoping it can soon raise the price of a stamp by a penny or more.
The postal service on Wednesday May 10th reported a quarterly loss of $562 million, despite growth in package delivery, due to continued erosion in the use of first-class mail as well as expensive mandates for its retiree health care obligations. It also attributed losses to a forced reduction in stamp prices last year.
The postal service is generally barred under federal law from raising prices more than the rate of inflation. But it is seeking greater regulatory leeway to increase prices, including a one-cent rate hike provided in a measure being considered by Congress.
The current cost of a first-class stamp is 49 cents. Read more…