FedEx Corporation announced that three of its subsidiaries, FedEx Express, FedEx Ground and FedEx Freight, will increase their shipping rates starting January 3, 2013. FedEx Express will raise prices by an average of 5.9 percent for services within the U.S. and for exports and imports from the U.S. FedEx Ground and FedEx Home Delivery are also expected to increase their prices by 5.9%. FedEx Freight will raise prices by an average of 5.9 percent and 7.9 percent, depending on the service. FedEx's decision to raise prices across a wide range of services follows a "challenging business environment" against the backdrop of the global spread of the new coronavirus, and the company said, "While reflecting increased costs, we will continue to invest in service enhancements, fleet maintenance, innovation and other areas to provide our customers with more effective and efficient services. We will continue to invest in service enhancements, fleet maintenance, technology innovation and other areas while reflecting increased costs so that we can serve our customers more effectively and efficiently," the company explained.