FedEx Will Increase Shipping Prices Feb. 1

FedEx Corp., the largest overnight delivery company, said it will raise average domestic package shipping rates 4.9% and export rates 2.9%, effective Feb. 1. A spokesman for FedEx rival United Parcel Service Inc. would not say when or how much the Atlanta-based company’s rates might be adjusted. A FedEx spokeswoman said the rate increase won’t affect shipments covered by contracts. Those prices will be adjusted when each agreement is renegotiated. Memphis, Tenn.-based FedEx closed up 64 cents at $38.79, while UPS closed off 13 cents at $57.31, both on the NYSE.