WASHINGTON (AP) -- The post office wants to increase the price of a stamp by 2 cents to 46 cents starting in January. The agency has been battered by massive losses and declining mail volume and faces a financial crisis.

Postal officials announced a wide-ranging series of proposed price increases Tuesday, averaging about 5 percent, and covering first class, advertising mail, periodicals, packages and other services.

The request now goes to the independent Postal Rate Commission which has 90 days to respond. If approved, the increase would take effect Jan. 2.

"The Postal Service faces a serious risk of financial insolvency," postal vice president Stephen M. Kearney said.