Price of stamps expected to rise

(CNN) - The price of stamps is likely going up this summer.

The U.S. Postal Service told regulators on Monday it plans to increase the price of first-class stamps from 63 to 66 cents.

If approved, the change would take place in July.

The postal service says the increase is necessary to offset rising operating expenses.

The agency expects to lose $4.5 billion this year.

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