NEW YORK — There’s hardly anyone alive who remembers the last time the price of a stamp fell. That was in July 1919, when first-class stamp prices dropped from 3¢ to 2¢.
But here we all are now. For the first time in nearly 97 years, the price of a stamp is set to go down.
Down, not up.
On April 10, a first-class stamp will cost 47¢, down from its current 49¢ price.
The reduction is part of a pre-arranged agreement with Congress. The Post Office got to increase the price of stamps by 3¢ in 2014 to help it raise $4.6 billion in revenue. But the price hike was only set to last two years. (It gets to keep one cent of the increase to keep up with inflation).
The Post Office is practically begging Congress to let it keep stamps at 49¢. It says rolling back prices to 47¢ will cost the already badly bleeding Post Office $2 billion a year.
Congress has pegged stamp price increases to inflation, which has barely budged over the past decade.
Postcard stamp prices will drop by a penny to 34¢, and international stamps will cost $1.15, down from $1.20.