Wholesale retail giant Costco announced Wednesday it will increase the cost of its monthly and annual memberships in the U.S. and Canada by Sept. 1.
Costco said it will raise its basic membership fee by $5, from $60 to $65 annually. Its Executive Membership tier will rise by $10, from $120 to $130 annually.
Around 128 million customers pay for a yearly Costco membership.
The price hike marks the first time Costco has raised its membership price since 2017.
The increase makes Costco’s membership the most expensive of its kind in the U.S. Its main competitor, Wal-Mart’s wholesale affiliate Sam’s Club, stands at $50 annually for basic membership.
Costco’s membership fees are its main source of revenue and help the company keep its products at a relatively low price compared with other grocery and retail outlets.
• Vaughn Cockayne can be reached at vcockayne@washingtontimes.com.
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