The US Postal Service (PS) is planning to raise the price of first-class mail stamps to 82 cents from 78 cents effective July 12. This move, which requires approval from the Postal Regulatory Commission, would increase overall mailing services prices by 4.8%. The service has reported net losses of $118 billion since 2007 and its most profitable product, first class mail, has fallen to its lowest volume since the late 1960s. Earlier this week, USPS received approval for an 8% price hike for priority mail and package deliveries to deal with rising transportation and fuel costs. The commission also approved a plan to suspend employer pension contributions, which will conserve $200 million in cash every two weeks.