(CNN) – The U.S. Postal Service is seeking the biggest price jump on stamps in its history.
Facing pressure from the Trump administration to address a revenue shortfall, the Postal Service on Wednesday proposed raising the price of 1-ounce letters from 50 cents to 55 cents, which would be a record increase, if approved.
The price of each additional ounce would go down slightly.
The request was made by the Service’s board of governors. It still must be approved by the Postal Regulatory Commission.
The Service said: “The governors believe these new rates will keep the Postal Service competitive while providing the agency with needed revenue.”
The steep price increase comes at a time when the Postal Service’s losses have been mounting, dragged down in part by a requirement that the quasi-public agency pre-fund the cost of retiree health benefits.
The White House has proposed privatizing the Post Office, a plan that postal unions protested in nationwide demonstrations Monday.