The U.S. Postal Service is seeking a record price hike on stamp prices as it faces continued pressure from President Donald Trump over a revenue shortfall.
Under the proposal, the cost of a Forever stamp, or mailing a one-ounce letter, would jump from 50 cents to 55 cents. That’s the biggest increase in history, topping 1991’s four-cent increase to 29 cents.
If approved, it would be the third annual increase in a row. Stamps edged up from 49 to 50 cents on Jan. 21 of this year. (Two years ago, the USPS actually lowered stamp prices from 49 to 47 cents.)
The request, from the USPS board of governors, must first be approved by the Postal Regulatory Commission. If approved, which is expected, the new rates will go into effect on Jan. 27, 2019.
“The Governors believe these new rates will keep the Postal Service competitive while providing the agency with needed revenue,” the USPS said in a press release, which also added that the agency receives no tax dollars for operating expenses.
The Post Office, normally far removed from politics, has been at the center of the storm this year as Trump has publicly grumbled about the shipping rates Amazon pays the USPS, personally urging U.S. Postmaster General Megan Brennan to double those in May. (Brennan declined.)