USPS wants to raise postage rates less than a year after its last hike

The U.S. Postal Service said on Wednesday that it wants to increase postage rates this summer — less than one year after it last increased the price for a first-class Forever stamp. The new price would rise to 60 cents from its current 58 cents, which the postal service said represents a hike that's lower than the current rate of inflation.

The higher stamp price would take effect on July 10, or 11 months after its postage rate increase in August, when stamps went from 55 cents to 58 cents. That means customers would be paying 9% more for postage compared with prices less than a year ago, or above the 7.9% rate of inflation in February.