WASHINGTON (AP) — The cost of mailing a letter is going down.
Beginning Sunday, the price of a first-class stamp drops two cents, to 47 cents. The reduction is the result of an expiring surcharge that had been put in place in January 2014 to help the beleaguered Postal Service recoup $4.6 billion in losses dating back to the Great Recession.
Postmaster General Megan J. Brennan says the forced rate reduction would exacerbate Postal Service losses. The agency estimates it would lose $2 billion in annual revenue as a result.
Commercial and other postage rates also are declining.
The Postal Service is seeking relief from a congressional mandate to pre-fund retiree health benefits, something that neither the government nor private companies are required to do, as well as greater flexibility in setting rates.
