FedEx will raise its shipping rates starting in January
CBSN
FedEx plans to increase shipping rates by an average of 6.9% starting in January as it copes with weaker business demand.
"Effective January 2, 2023, FedEx Express, FedEx Ground and FedEx Home Delivery rates will increase by an average of 6.9%," the company said in a statement on Thursday. "FedEx Freight rates will increase by an average of 6.9%-7.9% dependent on the customer's transportation rate scale."
The rate hike comes after the shipping company warned last week it has seen a drop-off in its global package delivery business. FedEx plans to shutter some storefronts and corporate offices and institute a hiring freeze to tighten costs amid the slowdown. On a Thursday conference call to discuss financial results, FedEx executives pointed to surging inflation as one of its woes.
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