Time to stock up on stamps
UPDATED: Friday, June 27, 2014 - 8:20am
(CNN) — Time to stock up on those forever stamps. Come Sunday, it will cost you more to mail a letter.
It's that time of year when new stamp prices tend to kick in. And this year, the increase is the biggest in more than 10 years.
Starting Sunday, a regular first-class stamp will cost 49 cents. Right now it's 46 cents.
Last year, the stamp hike wsa only a penny. So why so big of a jump this time around?
Usually the U.S. Postal Service raises prices just enough to keep prace with inflation. But another one cent increase would account for that. Instead, the agency is giong a step further. It's also takcing on an additional two cents because it needs the cash.
The USPS has been losing money for years and the losses are measured by the billions.
In 2013, the USPS lost $5 billion, the year before that they lost $16 billion.
Part of the reason is because people are mailing fewer letters. But the postal service is required by law to put $5 billion into a fund every year for future retiree health care benefits.
Another problem, the USPS needs Congress' 'OK' to make cost cutting moves like cutting back mail delivery, which is unpopular, and it hasn't been approved.
So for now, if you want to avoid the increase, stock up on those 'Forever' stamps before Sunday, because they last forever.