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If it seems like prices are going up everywhere right now, you’re right. From entertainment on Netflix to coffee at Starbucks, we’re all about to pay a little more for some of our favorite things.
You can now also add Amazon to the list, as the company is raising the cost of its Prime membership service from $119 to $139 a year and from $12.99 to $14.99 per month.
In their announcement, Amazon says the increase is due to “the continued expansion of Prime member benefits as well as the rise in wages and transportation costs.” For new Prime members, the price change will go into effect on Feb. 18, while current Prime members will begin to pay the new price after March 25, on the date of their next renewal.
Amazon last raised the price of Prime in 2018, when the monthly fee went from $10.99 to $12.99, while the yearly fee stayed the same.
It’s obviously not good news if you’re a Prime member or considering getting a membership, but you may want to keep in mind how much value you get out of the service, based on how you use it.
If you make frequent purchases from the site, for example, the free two-day shipping probably saves you quite a bit of cash. Prime members also have access to thousands of shows and movies, as well as free music streaming, photo storage and book lending.
Meanwhile, Netflix is raising prices from $14 to $15.50 for a standard plan and to $20 from $18 for the 4K plan. If you have a basic plan, which doesn’t include HD or the ability to watch multiple screens at once, the price is going up to $10 from $9.
Starbucks increased prices in October 2021 and again this January, even as the company reported a record-setting $8.1 billion in first-quarter revenue, with same-store sales increasing 13% across the globe.
Starbucks cites growing demand for their products combined with significantly rising costs as the primary cause for higher prices. According to CEO Kevin Johnson, other reasons include the continuing challenges of navigating consumer supply and demand during the COVID pandemic.
What other price increases have you noticed recently?
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