Costco is increasing its membership fees for the first time since 2017, the big box retailer announced its latest sales report.
The company said it was raising its annual prices for two membership tiers, set to take effect on Sept. 1.
In the U.S. and Canada, Gold Star (individual), Business, and Business Add-On members will see a $5 increase to $65. Executive Memberships will rise from $120 to $130, but will also come with a maximum 2% reward increase from $1,000 to $1,250.
Both price hikes mark an 8.3% increase, more than double the average inflation rate of the last year. Meanwhile, Costco said its net sales in June increased 7.4% from last year.
Costco has raised its membership fees seven previous times since 1983 — each time by $5.
The new fees come months after Costco started cracking down on non-members eating at its food courts, which offers special deals like its famous $1.50 hot dog.
