Costco is raising its membership fees for the first time in seven years. The popular warehouse chain announced the increase, noting that members will have to pay an additional $5 to $10 annually.

 

The new fees, set to take effect on September 1, will increase the price of Costco’s basic Gold Star membership from $60 to $65 annually, while the cost of the premium Executive membership will rise from $120 to $130.

 

Costco’s annual fee has remained the same since 2017, despite several years of unusually high inflation rates that have finally begun to cool down in recent months. With inflationary pressures squeezing household budgets, Costco’s commitment to offering low prices on a wide range of food and other products has helped make its warehouse an even more popular shopping destination.

 

The Issaquah, Washington-based company operates more than 700 warehouses in the U.S. and Canada. Besides the fee increase, Costco also revealed that its sales for the five-week period ending July 7 rose by 7% compared to the same period last year, reaching $24.48 billion.