The price of a stamp is about to go up -- and more so than expected.
A panel overseeing the U.S. Postal Service approved a three-cent hike from the current price of 46 cents. It will take effect on January 26.
That includes a one-cent increase -- to keep pace with inflation -- approved by the Postal Regulatory Commission last month. At the time, the cash-strapped Postal Service had sought the three-cent bump.
But the agency is in deep trouble with the shift away from mail and to the Internet. It reported a $5 billion loss in the most recent fiscal year, and a $16 billion loss in 2012. Those losses include expensive contributions to retiree health care required by Congress.