In a bid to recover some of its losses, the U. S. Postal Service has announced the largest increase in stamp prices in more than a decade.

The cash-strapped mail service has increased the price a stamp by 3 cents to 49 cents.

A book of twenty stamps now costs $9.80, 60 cents up from the previous price of $9.20. However, "forever" stamps bought before the announcement of hike will remain valid.

Posting a 1 oz. letter will now cost 49 cents. Letters to all international destinations (1 oz.) will cost $1.15, while postcards will cost 34 cents, 1-cent more than their previous rate.

While many postal customers criticized the increase in stamp prices, some customers, like 30-year-old Jason Grygier, of Norwalk, Conn., accepted the hike, saying it would help the Postal Service.

When asked for a comment on the price hike, Grygier said, "I'm happy to pay a little more if it means the post office can continue thriving. Forty-nine cents to send something across the country is a pretty good deal."

The Postal Service suffered heavy losses over the past few years, particularly in wake of the global economic slump. Last year, it suffered a heavy loss of $5 billion.