(CNN) The US Postal Service is asking for the biggest price jump on stamps in its history.

Facing pressure from the Trump administration to address a revenue shortfall, the Postal Service on Wednesday proposed raising the price of 1-oz. letters from 50 cents to 55 cents, which would be a record nominal increase if approved . The price of each additional ounce would go down slightly.

The request was made by the USPS' board of governors, which has been operating on an emergency basis because of a lack of confirmed members. It will have to be approved by the Postal Regulatory Commission.

"The Governors believe these new rates will keep the Postal Service competitive while providing the agency with needed revenue," the USPS said in a press release. "The Postal Service has some of the lowest letter mail postage rates in the industrialized world and also continues to offer a great value in shipping."

Rates for mailing services -- which includes catalogs and magazines as well as letters -- are pegged to consumer prices. Those have been rising faster this year, but still limited the price hike for that category to 2.5 percent.

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