The price of stamps is going down to 47 cents. The last time there was a decrease in the price of postage was in 1919, when it dropped from 3 cents to 2 cents.
This is only the third price decrease on record going back to the civil war. The postal service doesn't want the decrease, but it doesn't have a choice. Its regulator is ordering it.
The postal service will lose $2 billion due to the decrease. It's asking for a change in its rate-setting process that could allow it to enact steeper rate hikes in the future.
The price drop goes into effect starting Sunday, April 10.