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The price of Forever stamps is increasing by 10 percent, and will go from 50 cents to 55 cents, according to a United States Postal Service press release.
The First-Class Mail Forever stamp price will take effect Jan. 27, the federal agency said. NBC Bay Area reports that the change is the biggest jump for the stamps in the history of the USPS.
Although the price is increasing, old Forever stamps remain valid for mailing a letter regardless of how much the price changes.
The price change will offset a $4 billion loss the federal agency experienced in 2018. According to NBC Bay Area, USPS said sales from shipping and packages soared 10 percent last year but there was an overall decline in revenue due to rising pay and higher transportation costs.
The first Forever stamp was issued in 2007 for 41 cents. In November, USPS announced that dancer Gregory Hines, singer Marvin Gaye and a “Hearts Blossom” stamp would be added to the Forever collection for 2019.
The Forever stamps aren’t the only price changes announced by the USPS. Priority mail prices are also increasing. A small flat rate box will now cost nearly $8, instead of $7.20. The large flat rate box will jump from $18.90 to $19.95, according to USPS.