Costco raises annual membership fees for the 1st time since 2017

FILE – People enter Costco Warehouse in Cranberry Township, Pa., Friday, March 29, 2024. Costco bargain hunters are going to have to pay an additional $5 to $10 annually as the popular warehouse chain prepares to raise its membership fees for the first time in seven years. (AP Photo/Gene J. Puskar, File)

Costco is raising its membership fees.

Starting September 1, it will cost basic members an extra $5 a year, bringing the annual membership to $65.

Executive memberships will increase by $10 to $130.

Costco says it is the first membership price hike in nearly seven years, but officials say the price increase should help keep other prices at the store down.

Last year, Costco made $4.6 billion from membership fees.