diff --git a/RELEASE-NOTES.txt b/RELEASE-NOTES.txt
index 9d2c85db378..9b7152f6cb1 100644
--- a/RELEASE-NOTES.txt
+++ b/RELEASE-NOTES.txt
@@ -6,6 +6,7 @@
 - [*] Fix incorrect info banner color and signature option spacing on Carrier and Rates screen. [https://github.com/woocommerce/woocommerce-ios/pull/5144]
 - [x] Fix an error where merchants were unable to connect to valid stores when they have other stores with corrupted information https://github.com/woocommerce/woocommerce-ios/pull/5161
 - [*] Shipping Labels: The shipping address now prefills the phone number from the billing address if a shipping phone number is not available. [https://github.com/woocommerce/woocommerce-ios/pull/5177]
+- [*] Shipping Labels: now in Carrier and Rates we always display the discounted rate instead of the retail rate if available. [https://github.com/woocommerce/woocommerce-ios/pull/5188]
 
 7.7
 -----
diff --git a/WooCommerce/Classes/ViewRelated/Orders/Order Details/Shipping Labels/Create Shipping Label Form/Carriers and Rates/ShippingLabelCarrierRowViewModel.swift b/WooCommerce/Classes/ViewRelated/Orders/Order Details/Shipping Labels/Create Shipping Label Form/Carriers and Rates/ShippingLabelCarrierRowViewModel.swift
index 0c9060b3c22..c338f1a62ac 100644
--- a/WooCommerce/Classes/ViewRelated/Orders/Order Details/Shipping Labels/Create Shipping Label Form/Carriers and Rates/ShippingLabelCarrierRowViewModel.swift	
+++ b/WooCommerce/Classes/ViewRelated/Orders/Order Details/Shipping Labels/Create Shipping Label Form/Carriers and Rates/ShippingLabelCarrierRowViewModel.swift	
@@ -58,12 +58,12 @@ struct ShippingLabelCarrierRowViewModel: Identifiable {
 
         price = {
             if signatureSelected, let signatureRate = signatureRate {
-                    return currencyFormatter.formatAmount(Decimal(signatureRate.retailRate)) ?? ""
+                    return currencyFormatter.formatAmount(Decimal(signatureRate.rate)) ?? ""
                 }
                 if adultSignatureSelected, let adultSignatureRate = adultSignatureRate {
-                    return currencyFormatter.formatAmount(Decimal(adultSignatureRate.retailRate)) ?? ""
+                    return currencyFormatter.formatAmount(Decimal(adultSignatureRate.rate)) ?? ""
                 }
-            return currencyFormatter.formatAmount(Decimal(rate.retailRate)) ?? ""
+            return currencyFormatter.formatAmount(Decimal(rate.rate)) ?? ""
         }()
 
         carrierLogo = CarrierLogo(rawValue: rate.carrierID)?.image()
@@ -92,14 +92,14 @@ struct ShippingLabelCarrierRowViewModel: Identifiable {
         displayAdultSignatureRequired = adultSignatureRate != nil
 
         if displaySignatureRequired, let signatureRate = signatureRate {
-            let amount = currencyFormatter.formatAmount(Decimal(signatureRate.retailRate - rate.retailRate)) ?? ""
+            let amount = currencyFormatter.formatAmount(Decimal(signatureRate.rate - rate.rate)) ?? ""
               signatureRequiredText = String(format: Localization.signatureRequired, amount)
         } else {
             signatureRequiredText = ""
         }
 
         if displayAdultSignatureRequired, let adultSignatureRate = adultSignatureRate {
-            let amount = currencyFormatter.formatAmount(Decimal(adultSignatureRate.retailRate - rate.retailRate)) ?? ""
+            let amount = currencyFormatter.formatAmount(Decimal(adultSignatureRate.rate - rate.rate)) ?? ""
             adultSignatureRequiredText = String(format: Localization.adultSignatureRequired, amount)
         }
         else {
diff --git a/WooCommerce/Classes/ViewRelated/Orders/Order Details/Shipping Labels/Create Shipping Label Form/ShippingLabelFormViewModel.swift b/WooCommerce/Classes/ViewRelated/Orders/Order Details/Shipping Labels/Create Shipping Label Form/ShippingLabelFormViewModel.swift
index becd56d5309..86c908b5716 100644
--- a/WooCommerce/Classes/ViewRelated/Orders/Order Details/Shipping Labels/Create Shipping Label Form/ShippingLabelFormViewModel.swift	
+++ b/WooCommerce/Classes/ViewRelated/Orders/Order Details/Shipping Labels/Create Shipping Label Form/ShippingLabelFormViewModel.swift	
@@ -352,7 +352,7 @@ final class ShippingLabelFormViewModel {
 
         if selectedRates.count == 1, let selectedRate = selectedRates.first {
             let currencyFormatter = CurrencyFormatter(currencySettings: ServiceLocator.currencySettings)
-            let price = currencyFormatter.formatAmount(Decimal(selectedRate.retailRate)) ?? ""
+            let price = currencyFormatter.formatAmount(Decimal(selectedRate.totalRate)) ?? ""
 
             let formatString = selectedRate.rate.deliveryDays == 1 ? Localization.businessDaySingular : Localization.businessDaysPlural
 
@@ -365,7 +365,7 @@ final class ShippingLabelFormViewModel {
         } else {
             let ratesCount = String(format: Localization.selectedRatesCount, selectedRates.count)
 
-            let total = selectedRates.reduce(0, { $0 + $1.retailRate })
+            let total = selectedRates.reduce(0, { $0 + $1.totalRate })
             let currencyFormatter = CurrencyFormatter(currencySettings: ServiceLocator.currencySettings)
             let price = currencyFormatter.formatAmount(Decimal(total)) ?? ""
             let totalRate = String(format: Localization.totalRate, price)
@@ -395,7 +395,7 @@ final class ShippingLabelFormViewModel {
         }
         let currencyFormatter = CurrencyFormatter(currencySettings: ServiceLocator.currencySettings)
         return selectedRates.map { rate in
-            currencyFormatter.formatAmount(Decimal(rate.retailRate)) ?? ""
+            currencyFormatter.formatAmount(Decimal(rate.totalRate)) ?? ""
         }
     }