The United States Postal Service (USPS) said on Friday it wants to hike the price of first-class mail stamps to 68 cents from 66 cents effective Jan. 21.

The proposal that must be approved by the Postal Regulatory Commission would raise mailing services product prices by about 2%, significantly less than prior price hikes.

Stamp prices are up 32% since early 2019 when they rose from 50 cents to 55 cents. First-class mail volume fell 3% last year to the lowest in 50 years and is down 51% since 2006.