Amazon Prime is going up in price.
What’s happening: Amazon.com Inc. said Thursday that it will be raising the cost of Amazon Prime from $119 per year to $139, according to The Wall Street Journal.
- Monthly customers jump from $12.99 to $14.99 per month.
- This is a 17% jump.
- The price change for new members will go into effect on Feb. 18.
- The prices for existing customers will apply after March 25.
- Amazon is raising prices due to shipping and labor costs, The Wall Street Journal reports.
Why it matters: Amazon Prime is a premium service that gives customers access to free two-day shipping and exclusive entertainment options, like movies and TV shows. A price increase is going to impact millions of people across the country.
Other increases: Little Caesars announced in January that its famous Hot-N-Ready pizza will cost more than $5 for the first time in about 25 years — raising the price to $5.55.
- In November, Dollar Tree — made famous for being one of the few dollar stores that sells everything for $1 — raised the prices of most items from $1 to $1.25, per the Deseret News.