Time to purchase a book or two - or even a roll - of some more of those Forever Stamps because postal rates are scheduled to go up in May of 2009.
The cost of a first-class stamp will go up by two cents in May which will bring it to 44 cents for a stamp. The postage increase will begin on May 11, 2009.
Now is the time to stock up on Forever Stamps, which will continue to sell at the current 42-cent rate until the increase occurs. They will remain valid in the future regardless of rate hikes.
The U.S. Postal Service announced that the overall change is due to the rate of inflation in the year before.
While the new 44-cent rate covers the first ounce of first-class mail, the price for each additional ounce will remain unchanged at 17-cents.
Postal officials believe that the increase will cost the average household an additional $3.00 per year.
The Postal Service stated that it lost $2.8 billion in 2008, and that unless the economy turns around in 2009, it is headed toward much larger losses this year.
The agency could have cited extraordinary circumstances and asked the independent Postal Regulatory Commission for larger increases, but officials felt that would only result in a greater decline in mail volume.
The post office has been cutting costs, reducing work hours, and has asked Congress to ease requirements for advance funds for retiree benefits and to allow mail to be delivered five days a week instead of six.
Other U.S. Postal Service charges will be taking effect on May 11, 2009, and they are as follows:
• The postcard stamp increases 1-cent to 28 cents.
• The first ounce of a large envelope increases 5 cents to 88 cents.
• The first ounce of a parcel increases 5 cents to $1.22.
• New international postcard and letter prices are, for one ounce, 75 cents to Canada; 79 cents to Mexico; and 98 cents elsewhere.
Most Postal Service shipping services prices were adjusted in January and will not change in May.
