FedEx announced Thursday it was raising prices for all of its consumer delivery services an average of 6.9% effective Jan. 2.
FedEx Freight rates, meanwhile, will increase by an average of 6.9% to 7.9%.
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The shipping giant recently missed earnings expectations and announced significant cost-cutting measures as it warned of a global economic slowdown. CEO Raj Subramaniam told CNBC’s Jim Cramer on “Mad Money” last week that the company is a “reflection of everybody else’s business” and that he expects a “worldwide recession.” On an earnings call, Subramaniam also said inflation had hit the company “squarely” this year.