Amazon announced Thursday that it is raising the price of its annual Prime membership to $139, an increase of $20 per year.
Prime Student members will see their monthly rate rise to $7.49, and the annual price will increase to $69.
Amazon last raised the price of its Prime membership in 2018, when it jumped from $99 to $119, CNBC reported. In 2014, the retail giant raised its price from $70 to $99, the news outlet reported.
Thursday’s announcement amounts to nearly a 17% increase, according to CNBC.
The new pricing will apply to those who sign up for Prime memberships beginning Feb. 18, the company said in its announcement. Current Prime members will see an increase after March 25, on the date of the next renewal, the company said.
Amazon Prime was launched in 2005. The service provides members with access to two-day free shipping. Other perks include exclusive movies and television shows, CNBC reported. The service had more than 200 million subscribers worldwide, the news outlet reported.
Jamil Ghani, Amazon Prime vice president, said in a statement to USA Today that the increase is in line with “the continued expansion of Prime member benefits as well as the rise in wages and transportation costs.”
Amazon stock rose more than 14% at one point on Thursday in extended trading, CNBC reported.
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