The U.S. Postal Service, after failing to get Congress to go along with changes in its business model, should raise postage rates beyond the rate of inflation, its governing board said Wednesday.
The service’s board said it wants to raise the price of a first-class stamp 3 cents to 49 cents and to increase rates for magazines, advertising mail and packages more than is allowed without consulting the service’s regulator in 2014.
The board met Tuesday and Wednesday behind closed doors in Washington.
The service had said it would consider raising rates as it expects a $6 billion loss this year following a $15.9 billion loss last year. The increase would raise about $2 billion in additional revenue a year.
The service, which is supposed to fund its operations through postage sales, is allowed by law to raise most rates — including those for the price of a stamp for a letter — each year by no more than the rate of inflation.