Pitney Bowes to implement 5.9% price hike starting January

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Pitney Bowes Inc. PBI, +1.42% announced Monday a general rate increase (GRI) of 5.9% for ecommerce services, starting Jan. 2. The shipping and mailing company’s Chief Revenue Officer Patrick Allard said the 2022 GRI is being announced earlier than it every has “to put our clients in the best position to anticipate and plan for their logistics spending in 2022.” The company said the GRI applies to the standard delivery of parcels weighing at leat one pound, standard returns through the Pitney Bowes U.S. network and cross-border deliveries. The company said the GRI comes amid rising labor and transportation costs. The stock, which ticked up 0.1% in premarket trading, has slumped 13.3% over the past three months while the S&P 500 SPX, +0.23% has gained 4.8%.

This article was originally published by Marketwatch.com. Read the original article here.

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