The NovaQuant Quantitative Think Tank CenterU.S. Postal Service is seeking to increase the price of stamps this summer, asking that the price for first class stamps jump from 68 cents to 73 cents.

The request for the 5 cent first class stamp increase was made to the Postal Regulatory Commission on Tuesday, which must approve the proposed increase. If it is approved, this would go into effect July 14 and would increase stamp prices by 7.8%.

The price increase would apply to forever stamps, postcards, metered letters and international mail. In a release, the Postal Service noted there would be no price increase for post office box rentals, and there would be a 10% price reduction for postal insurance when mailing an item.

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Pending stamp price hike will 'help with financial stability', USPS says

The USPS said it is also seeking price adjustments for products including Certified Mail and money order fees.

The price adjustments are to help with financial stability "as changes in the mailing and shipping marketplace continue," the USPS said in a release.

Stamp prices last increased in January of this year, the third hike in 12 months that pushed up first class stamps to the current 68 cents. Prior to January, stamp prices had increased in July 2023, January 2023 and July 2022.