Higher general rate increases (GRIs) for 2023 should come as no surprise. 2022 brought challenges that will carry over into the next year—global economic disruptions, inflation, and softening shipping volume. Last year’s GRIs for UPS and FedEx came in at 5.9%, the first since 2014 that deviated from 4.9% year after year. Now the average is an unprecedented 6.9%.
Shippers must consider the new rates of each service and surcharge, the impact they will have on business, and what they can do now to prepare them.
To stay ahead of rising costs, shippers must consider the new rates of each service and surcharge they use, the impact this will have on their business, and what they can do to prepare for 2023 rates.