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Price Of Stamps Goes Up 2 Cents

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May 11, 2009 7:45 am US/Central

Price Of Stamps Goes Up 2 Cents

WASHINGTON (AP) ― The post office wants two more pennies for your thoughts.

The price of a first-class stamp climbed to 44 cents today, though folks who planned ahead and stocked up on Forever stamps will still be paying the lower rate.

It's the third straight year rates have gone up in May. The new system allows annual increases as long as they don't exceed the rate of inflation for the year before.

The post office, which does not get a taxpayer subsidy for its operations, continues to struggle financially. The Postal Service lost $2.8 billion last year and is already $2.3 billion in the hole just halfway through this year.

Postmaster General John Potter has asked Congress for permission to reduce mail delivery to five days a week. The agency is also taking numerous other cost-cutting measures.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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