UPS Inc. (NYSE: UPS) said late Thursday that it will raise 2024 tariff rates 5.9% on all air, ground and international services, effective Dec. 26.
The move matches rival FedEx Corp. (NYSE: FDX), which announced a 5.9% increase late last month.
Both carriers have thus reduced their tariff rate increases by 1 full percentage point from 2023’s record increase of 6.9%. Tariff, or noncontract, rates are infrequently utilized in the parcel-delivery world, where virtually all goods move under contract. However, they generally serve as a jumping-off point for contract negotiations.