The United States Postal Service on Monday proposed an increase in the price of a first-class mail stamp, raising the cost from 63 cents to 66 cents.

The 5.4% hike would go into effect on July 9 if approved by the Postal Regulatory Commission. The USPS says the hike is necessary to offset inflationary pressures.

The beleaguered postal service received approval in January to increase the price of a first-class stamp from 60 cents to 63 cents. All told, the new price for a first-class stamp would be a 32% increase dating back to early 2019, when the price of a stamp increased from 50 cents to 55 cents.

Other increases proposed Monday include raising the price of a domestic postcard from 48 cents to 51 cents, and the cost of an international postcard or 1 oz. letter increasing from $1.45 to $1.50. The agency is also seeking cost increases for other products, including Certified Mail, Post Office Box rental fees and money order fees.,

The increases are part of Postmaster General Louis DeJoy’s “Delivering for America” initiative, a 10-year plan to modernize the country’s postal network and achieve financial stability for the postal service.

“As operating expenses fueled by inflation continue to rise and the effects of a previously defective pricing model are still being felt, these price adjustments are needed to provide the Postal Service with much needed revenue to achieve the financial stability sought by its Delivering for America 10-year plan,” the USPS said in a release. “The prices of the U.S. Postal Service remain among the most affordable in the world.”

Last year, President Joe Biden signed into law a bipartisan bill codifying changes that could save the USPS up to $50 billion over the next decade.