Postal Service will hike price of stamps three cents to $0.58 as part of financial stability plan

The United States Postal Service announced on Friday that it would be hiking the price of first-class stamps three cents to $0.58 as part of a long-term financial stability plan unveiled by Postmaster Louis DeJoy earlier this year. 

In the announcement, the USPS said the price hikes will take effect on Aug. 29 of this year and will "raise overall Market Dominant product and service prices by approximately 6.9 percent. First-Class Mail prices would increase by 6.8 percent."

The measure is meant to "offset declining revenue due to First-Class Mail volume declines," the agency said. 

"In the past 10 years, mail volume has declined by 46 billion pieces, or 28 percent, and is continuing to decline," the announcement stated. "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."

Along with the stamp hike, postcard prices will jump from $0.36 to $0.40, while one-ounce flats will go from $1.00 to $1.16.