The U.S. Postal Service on Friday announced plans to raise the price of first-class stamps from 55 to 58 cents, the latest step in Postmaster General Louis DeJoy’s 10-year plan to make up for billions in financial losses within the agency.

The Postal Service said in a press release that it had filed a notice with the Postal Regulatory Commission requesting the price changes, which are set to take effect Aug. 29.

Under new commission rules adopted in November, the Postal Service is allowed to continue its annual inflation-based price increases, as well as additional rises in rates based on the increasing number of delivery points mail carriers must reach each week, The Washington Post reported.

In addition to the price increase for first-class stamps, postage for other items will also be raised including letters, postcards, marketing mail and outbound international letters, according to the press release.

Read more at The Hill.