It may be a little bit like putting a band-aid on a bullet wound, but the post office will be trying to bring their finances in line – at least to some degree – by increasing the price of first class stamps to 49 cents, effective January 26th (2014).

The good news for consumers is that they can continue to purchase “forever” stamps at the lower price until the new rate actually goes into effect.

The higher rate will supposedly last only two years and is designed to allow the postal service an opportunity to re-coup billions of dollars in losses brought on the economic downturn that started back in 2008.

By a two-to-one vote, the Independent Postal Regulatory Commission rejected a request to make the price hike a permanent one.

And, by the way – bulk mail, periodicals and package service rates will jump by six percent.

In a bid to save money smaller rural post office locations have already reduced service hours and the postal service is also calling for an end to Saturday mail delivery and a reduction in payments on retiree health benefits; the service reported a loss of $5 billion during its last fiscal year.  For a number of years now, the post office has faced declining mail volume as a result of ever-growing internet use and exactly how they can manage to remain viable in this ever-changing world is the question for which they apparently have no answer – at least, as of yet.

(Information provided in part by Anniston Star/www.annistonstar.com)