“As operating expenses fueled by inflation continue to rise and the effects of a previously defective pricing model are still being felt, these price adjustments are needed to provide the Postal Service with much needed revenue to achieve the financial stability sought,” the agency wrote in a news release.

Postal finance officials also have blamed persistent inflation for increasing the agency’s costs and depressing consumer spending.

But higher rates threaten to drive down the paper mail business that keeps the Postal Service’s finances afloat. First-class mail, business mail and periodicals made up close to $41 billion of the agency’s 2022 revenue, according to its annual report to Congress, compared with $31.3 billion from packages.

Revenue from parcels includes contracts with express shipping and e-commerce firms — among them Amazon, the Postal Service’s largest customer — that send their items through the mail. (Amazon founder Jeff Bezos owns The Washington Post.)

The Postal Service posted a $1.03 billion loss in the final quarter of 2022, putting the agency behind schedule on DeJoy’s plan to make up a $160 billion projected budget shortfall by 2030. In 2023, according to his projections, the agency is supposed to break even. In 2024, it is supposed to be modestly profitable. The Postal Service is not likely to hit those milestones, though it’s received significant financial help from Congress.

Legislation passed in 2022 wiped $107 billion in past-due and future liabilities off the agency’s balance sheet. The Inflation Reduction Act also granted the Postal Service $3 billion to electrify its fleet of delivery trucks.