USPS proposes stamp price increase

The U.S. Postal Service is looking to charge you more to mail a letter.

The USPS announced Wednesday that it would like to raise the price of a 1 ounce letter from the current 50 cents to 55 cents.

The move comes as the Trump administration is pressuring the Postal Service to make up on its revenue shortfall, CNN reported.

The Postal Regulatory Commission will have to approve the move.

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A press release from the USPS said, "The [board of] Governors believe(s) these new rates will keep the Postal Service competitive while providing the agency with needed revenue."

"The Postal Service has some of the lowest letter mail postage rates in the industrialized world and also continues to offer a great value in shipping," the press release said.

In addition to the stamp price increase, the USPS also wants to raise the cost of Priority Mail by an average of 5 percent, CNN reported.

The USPS is operating with a $58.7 billion net deficit, CNN reported.

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