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USPS seeks increase in stamp prices

ST. LOUIS-  The US Postal Service is seeking the biggest price jump on stamps in its history.

The Postal Service on Wednesday proposed raising the price of 1-oz. letters from 50 cents to 55 cents. The proposal has to be approved by the Postal Regulatory Commission.

USPS says the new rate would keep the postal service competitive while providing the agency with needed revenue. The White House has proposed privatizing the post office.

A plan that postal unions protested in nationwide demonstrations on Monday, October 8.