Basic necessities have become more expensive in recent years. Now even the cost of shopping at a certain supermarket has risen.
Costco announced that it will increase its membership fees for the first time since 2017.
Starting September 1, the annual cost for a basic Gold Star membership will rise from $60 to $65, while the premium Executive membership will go up from $120 to $130.
This 8% increase comes despite recent cooling inflation rates.
Even as inflation has pressured household budgets, Costco's reputation for low prices on a variety of goods has kept its warehouses popular. This surge in popularity has also boosted Costco's profits and stock value.
According to a report by the Associated Press, Costco's shares have nearly doubled over the last 18 months, adding about $180 billion to its market value.
Following the announcement, Costco's shares rose by more than 2%. If this trend continues, the stock is expected to reach a new high during Thursday's trading session.
Costco also reported a 7% increase in sales for the five-week period ending July 7, reaching $24.48 billion.
