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FedEx hiking U.S. rates
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February 8, 1999: 1:05 p.m. ET
Express carrier boosting charges an average of 2.8% effective March 15
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NEW YORK (CNNfn) - Overnight delivery company Federal Express Corp. said Monday it absolutely, positively will raise shipping rates in the United States by an average 2.8 percent starting March 15.
FedEx, a unit of Memphis-based FDX Corp. (FDX), said rates for most shipments from the United States to most of the 210 countries the company serves will remain the same.
The company also said it will drop the $1 residential delivery surcharge from its FedEx Express Saver service, which provides delivery in three business days within the continental United States.
"We've worked hard to keep this increase as small as possible," David Shoenfeld, senior vice president of worldwide marketing, said.
FedEx recently reached an agreement with its pilots on a new contract, but a company spokeswoman said the agreement didn't spark the rate increase.
FedEx also said rates for its 10kg and 25kg boxes will be lowered in several countries. However, rates to Mexico on these boxes will be increased.
FDX Corp. stock was up 11/16 at 83-1/4 in early afternoon trading. 
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FedEx
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