Amazon is increasing the price of its Prime service
(CNN) — Amazon is raising the price of its annual Prime subscriptions from $119 to $139 per year, the company announced along with its earnings report Thursday.
The price of a monthly subscription will also increase from $12.99 to $14.99.
Why Amazon Prime is increasing
The company said it is increasing the price because of “expanded Prime membership benefits,” such as added Prime Video content and expanded free same-day shipping, as well to compensate for the rising costs of labor and transportation in its distribution network.
The company last raised prices for Prime in 2018, when it bumped the annual membership up from $99. The latest price hike represents a 17% increase.
When you can expect to see prices change
The change will go into effect on February 18 for new Amazon Prime members and after March 25 for existing members.
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