FedEx Corp. said Wednesday that it will raise package rates for U.S. shipments by an average of 4.9%, effective Feb.1, 2001. The company also said export shipments from the U.S. will rise by 2.9%.
The hike is necessary to ensure the company's development of 'user friendly technology', the company said. FedEx last raised its rates in 1999.Analysts say that package companies like FedEx are under pressure to raise rates because of big jumps in fuel prices, and from an economic slowdown. A significant rate increase by carriers like FedEx could prompt other industry leaders to set their rates higher, fueling a general rise in U.S. hauling costs.