United Parcel Services Inc. (UPS) is the latest shipping company to raise its freight services by an average of 4.9 percent, effective Dec. 30.
The higher rates, which will cover ground, air and international services, come amidst UPS and rival FedEx Corp.’s challenges to shift toward lower-priced shipping services among international customers, the Wall Street Journal reports.
Earlier this month, the U.S. Postal Service said they plan to raise their prices by 2.4 percent. Come January, FedEx will also raise its shipping rates by an average of 3.9 percent on its domestic express-shipping business, its largest segment.
In June, UPS Freight and ABF Freight System separately announced that they will increase their general rates by 5.9 percent for non-contractual shipments in the U.S., Canada and Mexico.
UPS shares were down 0.3 percent to $100.87 in recent after-hours trading.