Postal Service, citing losses, seeks higher stamp prices

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

(Photo by Justin Sullivan/Getty Images)

WASHINGTON – The U.S. Postal Service is hoping it can soon raise stamp prices by a penny or more.

The postal service on Wednesday reported a quarterly loss of $562 million. The loss was blamed om continued erosion in the use of first-class mail as well as expensive mandates for its retiree health care obligations.

It also attributed losses to a forced reduction in stamp prices last year.

The postal service notched double-digit growth in its package business. But that wasn’t enough to offset losses in both first-class mail and junk mail.

Legislation passed by a House committee would relieve the postal service of expensive pre-funding requirements and allow a one-cent increase in the price of a first-class stamp. The postal service is urging congressional action soon.

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.