The United States Postal Service on Friday announced they are moving forward with postal rate changes later this summer, sending the price of a first-class stamp from 55 cents to 58 cents.

The increases are part of “Delivering for America,” Postmaster General Louis DeJoy’s 10-year plan to get the struggling agency on a path of “financial sustainability and service excellence.” The USPS has projected liabilities of $160 billion over the next decade.

The USPS said they filed notice Friday with the Postal Regulatory Commission requesting the price changes take effect Aug. 29. Scroll down for a look at which rates are changing.

In addition to financial struggles, DeJoy has been called before Congress to explain extremely late deliveries, removing mail-sorting equipment from branches, and difficulty keeping up with increased volume during the pandemic, notably during the election season when many states saw increases in voting by mail.

In addition to rate changes, DeJoy's 10-year plan includes longer delivery windows, shorter post office hours, and fewer staff members. According to the Washington Post, the agency sent out “reduction in force,” or layoff, notices to hundreds of management-level employees Friday morning.

"In the past 10 years, mail volume has declined by 46 billion pieces, or 28 percent, and is continuing to decline," the USPS stated in a press release. "Over the same period, First-Class Mail volume has dropped 32 percent, and single piece First-Class Mail volume — including letters bearing postage stamps — has declined 47 percent."

	Current Prices	Planned Prices
Letters (1 oz.)	55 cents	58 cents
Letters additional ounce(s)	20 cents	20 cents (unchanged)
Letters (metered 1 oz.)	51 cents	53 cents
Domestic Postcards	36 cents	40 cents
Flats (1 oz.) Outbound International Letters(1 oz.)	$1.00 $1.20	$1.16 $1.30