Inflation hits Amazon: Price of Prime memberships going up

Amazon announced Thursday that it would be boosting the price of its Prime membership for U.S. customers, citing rising costs as the reason behind the decision.

In a letter to investors outlining its fourth quarter earnings, the company stated that increased wage and transportation costs along with its expansion of membership benefits has led the online retail giant to increase its Prime fees for the first time since 2018.

Amazon CEO Andy Jassy

FILE PHOTO: Logos of Amazon and Amazon Prime are pictured on vehicles outside the Amazon Fulfilment Centre in Altrincham, near Manchester, Britain, November 26, 2021. REUTERS/Carl Recine/File Photo  (Reuters / Reuters Photos)

STATEN ISLAND AMAZON WAREHOUSE GAINS ENOUGH SUPPORT FOR UNION ELECTION, LABOR BOARD SAYS

Monthly Prime memberships will go from $12.99 to $14.99, and annual memberships will be hiked to $139 from the

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