The less-than-truckload carrier Old Dominion Freight Line Inc. said Monday it will implement a general rate increase averaging 4.5%, effective January 5, 2015.

“The GRI is consistent with our long-term yield management philosophy and provides for increases in our rates based on length of haul rather than the traditional across-the–board-increases. The GRI also provides for a nominal increase in minimum charges with respect to Intrastate, Interstate and cross border lanes,” said Todd Polen, vice president of pricing.

He said the rate hike is intended to offset the rising costs of new equipment, real estate and technology investments, and employee wage/benefit packages.

Last May, ODFL implemented a 4.3% increase in rates, as many other major LTL operations increased rates earlier in the year. This most recent announcement comes following both UPS and FedEx announcing rate hikes that will take effect soon for both their trucking and parcel delivery operations.