The U.S. Postal Service (USPS) said Friday it wants to raise the price of first-class mail stamps by 4.2% to 63 cents to account for inflationary costs.

USPS filed notice of the proposed 3-cent hike with the Postal Regulatory Commission and wants the increase to take effect Jan. 22. U.S. Postmaster General Louis DeJoy said in August that inflation would cause USPS costs to exceed its 2022 budget plan "by well over $1 billion."