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By Associated Press
The price of first-class postage stamps is set to increase by three cents per letter in order to help the Postal Service recover from the major mail decreases over the years. The new rate of 49 cents is set to take effect on January 26.
The higher rate is said to last no more than two years, which is enough time to allow the Postal Service to recoup $2.8 billion in losses.
By a 2-1 vote, the independent Postal Regularity Commission rejected a request to make the price hike permanent, though inflation over the next 24 months may make it so.
Many consumers won’t feel the price increase immediately. Forever stamps can still be purchased at the lower price until the new rate becomes effective.