FedEx is raising its shipping prices to battle slower growth

Expect to pay more for FedEx Express, FedEx Ground and FedEx Home Delivery service starting in January.

FILE - The FedEx logo is seen on a delivery truck Tuesday, June 21, 2011, in Springfield, Ill. FedEx said Thursday, Sept. 15, 2022, that it is shuttering storefronts and corporate offices while putting off new hires in a belt-tightening drive brought on by drop-off in its global package delivery business. (AP Photo/Seth Perlman, File) (Seth Perlman, Copyright 2022 The Associated Press. All rights reserved.)

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%.

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.

Read more on NBC News here.