USPS raising price of stamps this weekend

FILE - In this Dec. 5, 2011, photo, a customer places first class stamps on envelopes at a U.S. Post Office in San Jose, Calif. It'll cost another penny to mail a letter in 2013. The cash-strapped U.S. Postal Service said Thursday that it will raise postage rates on Jan. 27, including a 1-cent increase in the cost of first-class mail to 46 cents. (AP Photo/Paul Sakuma, File)

January 24, 2014 12:00:00 AM PST
The price of stamps is going up this weekend.

The U.S. Postal Service is raising the price of stamps by 3 cents, from 46 to 49 cents, beginning Sunday.

The hike is the largest increase in consumer postage prices in more than a decade.

The hike comes after the agency's regulator gave the green light back in December to keep up with inflation and recoup losses incurred during the great recession.

The Postal Service says it lost $5 billion in the last fiscal year.

KGO-TV San Francisco, CA contributed to this report.