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.

The company did not immediately respond to a request for comment Friday.

"We regularly evaluate our shipping rates and fees and adjust them when needed," the company said on its website. "This enables us to keep investing in our business so we can continue delivering the shipping solutions you need and the excellent service you’ve come to expect from us."

Last year, FedEx increased rates an average of 5.9%.

The company is also increasing its late payment fee to 8% for U.S. FedEx Express and FedEx Ground invoices not paid according to approved payment terms.

While FedEx's main rival UPS has not yet announced a rate increase of its own, the two companies have historically increased rates in tandem.

In August, the U.S. Postal Service announced a holiday rate increase, with priority mail rates set to increase $0.95.

This article was originally published on NBCNews.com