First-Class Stamps to Cost 49 Cents as of Jan. 26

Posted at: 12/26/2013 10:18 AM

WASHINGTON (AP) - It's about to cost close to 50 cents to mail a letter.

Regulators have approved a temporary price hike of 3 cents for a first-class stamp, bringing the cost of mailing a letter to 49 cents, beginning Jan. 26.

The Postal Service hopes the higher rate will help it recoup about $2.8 billion in losses.

The price hike is to last no more than two years.