Less-than-truckload (LTL) carrier Old Dominion Freight Line Inc. said today it will raise its tariff rates by 3.5 percent, effective Sept. 1.

The Thomasville, N.C.-based company said the increase is intended to partially offset the rising costs of new equipment, real estate, technology investments, and employee wage and benefit packages.

The increase is in line with the 3- to 4-percent annual rate increases Old Dominion is asking on its contractual business, which accounts for about 70 percent of its revenue. It is also in line with the 3.5-percent tariff rate increase that the company announced in September 2016.