Young Brothers Ltd. yesterday raised its interisland shipping rates by 5.5 percent in a move that probably will increase the price of goods on the Neighbor Islands.

It has been eight years since Young Brothers raised rates for full container load shipments and three years for non-containerized cargo, the company said on its Web site.

"This rate increase will help to offset significant increases in fuel, security and labor costs and support Young Brothers reinvestment efforts in its shoreside and marine equipment," the company said. "Young Brothers has been able to avoid rate increases due to operational efficiencies achieved through the years. However, costs continue to rise and Young Brothers must reinvest in assets in order to continue providing quality transportation service between the Hawaiian Islands."

Jeff Egusa, president and manager of Friendly Market Center in Kaunakakai on Moloka'i, said he wasn't surprised to hear about the rate increase.

"I just figured they're going to have to raise it sooner or later," he said. "The price of oil is so high."

Nearly all of the goods Egusa sells are shipped in from Honolulu.

"It is going to make prices go up but I'm not sure exactly how much until I get my billing," he said.

Yesterday's rate increase follows a series of fuel surcharge hikes by the state's two major ocean transportation companies. Earlier this month, Matson Navigation Co. and Horizon Lines raised their fuel surcharge to 11.5 percent from 10.5 percent in what was the fifth increase since March.

Young Brothers calls itself the lifeline of the Hawaiian Islands and provides interisland freight operations to the ports of Nawiliwili on Kaua'i, Kahului on Maui, Kaunakakai on Moloka'i, Kaumalapau on Lana'i, Hilo and Kawaihae on the Big Island, and Honolulu.