Blaming inflation, U.S. Postmaster General Louis DeJoy said another postal rate increase is likely in January.

“Inflation has hit the nation hard, and the Postal Service has not avoided its impact,” DeJoy told the U.S. Postal Service Board of Governors, according to a transcript provided by the agency. “We expect inflation to exceed our expectations by well over a billion dollars against our planned 2022 budget.

“Because of this, my recommendation to the governors will be to remain on course to raise prices again in January.”

The PMG also said the USPS is ready for the November elections and transporting ballots.

“Americans should be confident that the United States Postal Service is well prepared and will provide extraordinary services in these coming November elections,” DeJoy said.