Jan. 27 (UPI) -- The U.S. Postal Service announced a series of price increases for stamps and other services set to take effect on Sunday.
The changes include a 5-cent increase in the price of a First-Class Mail Forever stamp, from 50 cents to 55 cents and an overall increase of 2.5 percent in the price of Mailing Services, the Postal Service said in a statement.
"The Governors [of the Postal Service] believe these new rates will keep the Postal Service competitive while providing the agency with needed revenue," the agency said.
Other changes include reducing the single-piece additional ounce price for letters to 15 cents from 21 cents and lowering the cost of metered 1-ounce letters from 50 cents to 47 cents.
The Postal Service also said the price of Shipping Services will increase in varying amounts depending on the product.
"For example, Priority Mail Express will increase 3.9 percent and Priority Mail will increase 5.9 percent," the agency said.
Priority Mail Retail Flat Rate price changes include increasing the cost of a small flat rate box from $7.20 to $7.90, raising the cost of a medium box from $13.65 to $14.35 and increasing the price of a large box from $18.90 to $19.95.