Postal Service looks to raise first-class stamp to 58 cents

WASHINGTON (AP) — The U.S. Postal Service wants to raises rates on first-class stamps from 55 cents to 58 cents as part of a host of price hikes and service changes designed to reduce debt for the beleaguered agency.

The changes, which will take effect Aug. 29, include price hikes for first-class mail, magazines and marketing mailers.

The price hikes are part of Postmaster General’s Louis DeJoy’s 10-year plan for the agency, which faces an estimated $160 billion in operating losses over the next decade.