US Postal Stamps Price Set To Drop For First Time In Nearly 97 Years: Report

The price of a first-class postage stamp in the United States is slated to drop for the first time in nearly 97 years, CNNMoney reported Friday. Stamps are expected to drop to 47 cents from 49 cents on April 10.

The price cut is part of a pre-arranged agreement with Congress, in which the U.S. Postal Service was previously allowed to increase the price of stamps by 3 cents to boost its revenue. The increase was temporary, set to last only two years.

Nevertheless, Postal Service officials sharply oppose the forthcoming price reduction.

"Removing the surcharge and reducing our prices is an irrational outcome considering the Postal Service's precarious financial condition," Postmaster General Megan Brennan said in a statement, as CNNMoney reported. "Our current pricing regime is unworkable and should be replaced with a system that provides greater pricing flexibility and better reflects the economic challenges facing the Postal Service."

The Postal Service, which has not relied on taxpayer dollars since the 1980s, has struggled to raise revenue in recent years as technology has caused a sharp reduction in mail volume.