The United States Postal Service (USPS) wants to raise the price of its first-class mail "forever" stamp from 50 to 55 cents, which would reportedly be the biggest price hike since 1991.

The USPS said in a statement Thursday that it has proposed the 5-cent increase to the Postal Regulatory Commission to take effect on Jan. 27 of next year. USA Today reported it would be the largest price increase since 1991.

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The USPS also proposed increasing priority mail rates by 5.9 percent and priority mail express rates by 3.9 percent.

The USPS said in a statement that the Governors of the Postal Service "believe these new rates will keep the Postal Service competitive while providing the agency with needed revenue."

USPS reported a net loss of $2.7 billion in fiscal 2017, with losses were driven by a decline in first-class and marketing mail hurting its bottom line. Increased package deliveries, however, have helped stem the losses.

Some business leaders have previously expressed concern that President Trump Donald John TrumpBiden on Trump's refusal to commit to peaceful transfer of power: 'What country are we in?' Romney: 'Unthinkable and unacceptable' to not commit to peaceful transition of power Two Louisville police officers shot amid Breonna Taylor grand jury protests MORE would increase USPS package rates as a way of retaliating against Amazon founder Jeff Bezos, who also owns The Washington Post.

The Wall Street Journal reported Thursday that some of the USPS's highest proposed increases are on a service frequently used by Amazon called Parcel Select. Amazon and carriers such as UPS and FedEx often use Parcel Select to deliver packages on the last leg of a trip, the Journal reported.

According to the Journal, the USPS proposed a 9.3 percent hike on Parcel Select packages weighing over 1 pound and a 12.3 percent increase on lighter packages.