May 28 (UPI) -- The U.S. Postal Service announced Friday it's raising rates on postage for letters and postcards, bringing first-class mail stamps from 55 cents to 58 cents.
The increase will go into effect Aug. 29.
Postmaster General Louis DeJoy said the increase is part of his 10-year plan to overhaul the USPS' financial sustainability by boosting revenue.
Though the base cost of stamps for first-class mail will see a 3-cent bump, the cost for each additional ounce will remain the same -- 20 cents.
Metered letters will increase from 51 cents to 53 cents for 1 ounce, domestic postcards will increase 4 cents to 40 cents, first-class large, flat envelopes will increase from $1 to $1.16, and outbound international letters will increase from $1.20 to $1.30.
"For the past 14 years, the Postal Service has had limited pricing authority to respond to changing market realities," DeJoy said. "As part of our 10-year plan to achieve financial sustainability and service excellence, the Postal Service and the Board of Governors are committed to judiciously implementing a rational pricing approach that helps enable us to remain viable and competitive and offer reliable postal services that are among the most affordable in the world."