The U.S. Postal Service board of governors approved a rate increase that will boost the price of mailing a first-class letter to 39 cents from 37 cents starting Jan. 8.
Overall, rates will rise by 5.4 percent, the Postal Service said in a news release.
The rate increase, recommended by the Postal Rate Commission, is needed so that the Postal Service can establish a $3.1 billion escrow account required by law, the service said.
"The governors take this action mindful of our obligation to assure the financial integrity of the nation's postal system," said the Postal Service board chairman, James C. Miller III.
