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: FedEx hiking shipping rates at the beginning of 2022

FedEx Inc.
FDX,
-1.73%

said late Monday it was hiking its shipping rates on Jan. 3, 2022.

The company said rates will increase an average of 5.9% for U.S. domestic, U.S. export, and U.S. import FedEx Express, as well as for FedEx Ground, Ground Economy, and Home Delivery. Freight shipping rates for customers who use FXF PZONE and FXF EZONE will also rise an average 5.9%, while customers using FXF 1000 and 501 will see an average 7.9% rate increase.

“These changes reflect incremental costs associated with the challenging operating environment, while enabling FedEx to continue investing in service enhancement, fleet maintenance, technology innovations, and other areas to serve customers more effectively and efficiently,” the company said in a statement.

A complete list of rates are listed at FedEx’s website. Ahead of its earnings report after the closing bell Tuesday, FedEx has seen its shares fall into bear market territory. FedEx shares rose 0.5% after hours, following a 1.7% decline in the regular session to close at $250.80.

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