The Postal Service contends, as it did last year before a similar increase, that the price hike is needed to achieve financial stability.

First-class stamp prices could increase by 5 cents in July under a new United States Postal Service proposal announced Wednesday. Why it matters: The proposed rate is the first of five planned price hikes planned through 2027.

On Wednesday, the U.S. Postal Service filed notice with the Postal Regulatory Commission regarding mailing services price changes. These proposed price changes, which would take effect starting July 13 if approved, include a 5-cent increase on the Forever Stamp, raising it from 73 to 78 cents.