The cost of sending letters in the mail may soon be going up.

Canada Post says it is looking to raise the cost of stamps by $0.07, to $0.99, for stamps purchased in a booklet, coil or pane, which the agency says account for the majority of sales.

Stamps purchased individually would increase in price to $1.15 from $1.07 for a domestic letter.

Other products, including U.S., international letter-post and domestic registered mail, would also be impacted by the rate changes.

The price increases were announced for public comment Friday and, pending regulatory approvals, would take effect on May 6, 2024.

Canada Post says the proposed price increase comes as it deals with “considerable” financial pressure due to inflation and the fact that every year, there are fewer letters to deliver to more addresses.

The agency says the impact of the change is estimated to be about $0.65 per year for the average Canadian household, and about $12.07 for the average Canadian small business.