Friday, April 08, 2005

Postal Service Seeks 2-Cent Rate Hike

According to the Los Angeles Times, the price of a first class postage stamp would rise by 2 cents to 39 cents next year under a proposed postal rate increase filed today.

The U.S. Postal Service said that the 5.4% rate hike would apply to nearly all classes of mail and services as it seeks to comply with a federal law requiring the creation of a $3.1 billion escrow fund. The agency said it would withdraw the rate increase filed with the Postal Rate Commission if legislation is passed to eliminate the escrow fund.

The 5.4% rate increase would go into effect in early 2006. The agency last raised rates in June 2002, when it bumped up the price of a first class stamp by three cents to the current 37 cents.
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posted by Don Schilling at 7:28 PM