US Postal Service proposes biggest stamp price increase in decades

The U.S. Postal Service wants to up the price of its first-class stamp in its ongoing battle against declining revenue.

The agency announced Wednesday it's looking to raise the cost of its first-class mail Forever stamp from 50 cents to 55 cents, among other price changes.

If the proposed increase is approved by the Postal Regulatory Commission, it will be the biggest since 1991. The new numbers have already been approved by the Governors of the Postal Service.

The USPS said in a statement, "The Governors believe these new rates will keep the Postal Service competitive while providing the agency with needed revenue."

The postal service has been struggling financially for a while now. In 2017, it reported its 11th straight year of losses, thanks to a decline in mail along with pension and health care costs for its employees.

If approved, the price changes will go into effect in January.

RELATED: What your old stamps are worth now

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