The largest one-time price increase in the history of the U.S. Postal Service may happen soon.
It is seeking to raise prices of mailing letters and packages by 20 percent to avoid bankruptcy and improve delivery services, the Associated Press reports. The cost of a stamp would move from 49 cents to 60 cents.
The USPS acknowledges a decline in mail has been part of decreased income, but also says Congress is partly to blame because of burdensome retiree health benefit costs.
The USPS is petitioning the Postal Regulatory Commission to grant the change and give authority to lift a cap on postal rates. A decision is expected sometime this month, the AP says.
One concern with the increase in delivery pricing is with mailers such as magazines and greeting cards. Those industries fear a 20-percent price increase will be catastrophic for them.