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Amazon is raising the price of your Prime membership

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Mike Timmermann, Clark.com

Your Amazon Prime membership is about to get more expensive!

The online retail giant’s chief financial officer Brian Olsavsky broke the news during Amazon’s financial results call Thursday afternoon.

The annual cost of a Prime membership for U.S. customers will increase to $119, up from $99.

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Amazon Prime price hike: What you need to know

Amazon said the $119 rate takes effect for new Prime members on May 11, but the new price will apply to renewals starting on June 16.

The last time Amazon increased the price for Prime was back in March 2014.

An Amazon Prime membership offers free two-day shipping on millions of items and a number of other benefits like streaming movies and TV shows, music, photo storage and more.

More than 100 million people around the world are now paying for Prime.

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