WASHINGTON — The Postal Board of Governors, meeting in private session Monday night, voted to seek a price increase for a first-class postage stamp to 25 cents, sources said.
The nine-member board was expected to announce the proposed increase, along with an average 13% hike for other classes of mail, at an open meeting today.
A source close to the board said the governors will ask the Postal Rate Commission within the next few days to begin the long approval process for the 3-cent hike, which would not take effect before May, 1988.
Mailing a first-class letter has cost 22 cents since Feb. 17, 1985.
The Postal Service, whose budget is supposed to break even, has shown a profit in five of the last 10 years, including $305 million in surplus earnings last year. It is expected to break even this year.