Postage stamp cost increases by 5 cents to $ 0.55

The costs related to transactions with the Post have just increased.

According to a press release from the United States Postal Service, a price increase for first-clbad stamps, or forever, came into effect on Sunday.

The new cost of a Forever stamp is 55 cents, an increase of five cents, the USPS said in its statement.

The 10% increase in cost over the previous 50 cent price is the biggest increase since USPS since 1991, when the rate had climbed 16%, the cost of a stamp having gone from 25 at 29 cents, reported USA Today.

But the 5-cent rise is the largest monetary leap in US history, according to The Hill.

Forever stamps purchased before January 27, 2019 will bear their name and will remain "valid for sending a letter, regardless of the price of the change," according to NBC News.

The USPS also increases rates on other products.

According to the USPS press release, all envelopes and lump sum envelopes, including priority mail, have increased, as well as courier rates.

Outgoing international letters and domestic postcards remain at the same price, while additional ounces on a first-clbad letter are cheaper, from 21 to 15 cents, according to the USPS press release.

Unlike many other federal agencies, taxes do not fund the USPS, which "depends on the sale of its products and services," USA Today reported.

In 2018, the USPS said it lost $ 3.9 billion, according to The Hill.