Post Office to Beg for Another Rate Hike Today Just 14 months since the last hike to 44 cents for first class By Newser Editors and Wire Services Posted Jul 6, 2010 7:20 AM CDT 7 comments Comments In this May 11, 2009 file photo, a letter is mailed from a post office in Palo Alto, Calif. (Paul Sakuma) (Newser) – The Postal Service, gushing red ink like the Deepwater Horizon is oil, wants to raise the price of postage again—barely a year after the last rate hike. Today it's scheduled to announce how much it'll be looking for from the independent Postal Regulatory Commission for review. Postmaster General John Potter said March 2 that a rate increase would be necessary for the agency, which does not receive tax funds for its operations. Under the law, the post office is generally limited to increases no more than the rate of inflation: 0.9% for the year ended in May. However, the agency is allowed to seek a larger increase in unusual circumstances. Potter said in March he planned to take that step. The current 44-cent first-class rate took effect May 11, 2009.