Inflation hits the mailbox: Postage stamp costs are rising, once more

New York
CNN
 — 

Stamp prices are set to tick up.

The US Postal Service said Monday that it filed a notice with its regulators to increase prices on first-class mail stamps to 66 cents from 63 cents.

If approved, the change would take effect in July, raising the cost of mailing a first-class letter by about 5.4%. The Postal Service said the hike was necessary to offset a rise in operating expenses.

Surging prices have dented business across the global economy over the past two years, pushing up workers’ wages and increasing the costs of doing business. Although inflation has been cooling over the past nine months — prices were up 5% last month on an annual basis — it remains above the central bank’s target of around 2%.

“These price adjustments are needed to provide the Postal Service with much needed revenue,” the agency said in a statement.

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