(WXIA) -- Regulators have authorized a three-cent increase in the prices of first-class stamps.
The Associated Press reported Tuesday afternoon that stamps will soon cost 49 cents.
The price hike goes into effect on Jan. 26. The Postal Service said it will last no more than two years to recoup $2.8 billion in losses.
The independent Postal Regulatory Commission said the change was justified by severe mail volume decreases since 2008.