Prices of postage stamps to go down for first time in 97 years

Prices of postage stamps to go down for first time in 97 years

On April 10, a first-class stamp will cost 47 cents, down from its current 49-cent price.

The reduction is part of a pre-arranged agreement with Congress. The Post Office got to increase the price of stamps by 3 cents in 2014 to help it raise $4.6 billion in revenue. But the price hike was only set to last two years. (It gets to keep one cent of the increase to keep up with inflation).

The Post Office is practically begging Congress to let it keep stamps at 49 cents. It says rolling back prices to 47 cents will cost the already badly bleeding Post Office $2 billion a year.

“Removing the surcharge and reducing our prices is an irrational outcome considering the Postal Service’s precarious financial condition,” said Postmaster General Megan Brennan in a prepared statement. “Our current pricing regime is unworkable and should be replaced with a system that provides greater pricing flexibility and better reflects the economic challenges facing the Postal Service.”

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Congress has pegged stamp price increases to inflation, which has barely budged over the past decade.

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