Price of stamps increases on Sunday

The price of stamps will go up by one cent on Sunday.

The Postal Regulatory Commission approved the proposed rate increase in November, which raises the price of a first-class domestic stamp to 46 cents.

The price of a postcard will increase from 32 cents to 33 cents, while a new global "Forever" stamp will allow customers to mail letters anywhere in the world for one set price of $1.10. Currently, the prices for international letters vary.

The prices go into effect Sunday, January 27.

You can temporarily avoid the cost if you purchase "Forever" stamps before Sunday.

The U.S. Postal Service, which posted a record annual loss of $15.9 billion, proposed the rate increase in October, 2012.

The rate increase is tied to the rate of overall inflation. It will make only a small dent in the mail agency's financial losses.

The U.S. Postal Serviceâ??s financial trouble, combined with less mail going through their system, is part of the cause. The .S. Postal Service has cut jobs and consolidated centers to save money.

(Information from the Associated Press and CNN was used in this report.)