Amazon Prime Just Announced A Hefty Price Hike For Subscribers

Amazon has announced a 17% price hike to its Prime membership subscription. Starting February 18, the annual cost of Prime will be raised from $119 to $139 for new subscribers. The monthly cost will rise from $13 to $15.

If you're currently a subscriber whose subscription isn't due to be renewed before March 25, you'll be charged $119 for the next year.

This marks the first price increase for Amazon Prime since 2019, when the subscription shot up from $99 to $119. It comes one week after Netflix announced its own price hike. In the US, the standard Netflix plan will rise to $15.50 per month from $14, while the 4K plan is now $20 per month from $18.

In the case of both Amazon Prime and Netflix, the UK and Europe currently remain unaffected by the price hikes. It's worth noting that increases have yet to be ruled out in these territories, however.

Amazon Prime currently offers access to speedier shipping options, the Prime Video streaming service, and a handful of monthly free games for PC users.

News of Amazon Prime's increased prices come as the company continues to struggle with supply issues and rising costs elsewhere as a result of the ongoing COVID-19 pandemic.

"As expected over the holidays, we saw higher costs driven by labor supply shortages and inflationary pressures, and these issues persisted into the first quarter due to Omicron," Amazon CEO Andy Jassy explained.

"Despite these short-term challenges, we continue to feel optimistic and excited about the business as we emerge from the pandemic."