/ Source: Reuters
Package delivery company FedEx Corp. will increase the rates for its ground delivery unit, FedEx Ground, by 4.9 percent on Jan. 1, the company said on Monday.
FedEx shares rose 0.5 percent after the announcement.
The new rates will also affect the company's FedEx Home Delivery unit, a residential-only delivery service available only in the United States.
In early November, Memphis-based FedEx announced a 2007 rate increase of 3.5 percent for its express delivery unit, FedEx Express.
FedEx's main rival, Atlanta-based United Parcel Service Inc., announced a 2007 rate hike of 4.9 percent in mid-November.