Amazon to raise Prime membership in US to $119 from $99

The annual price of an Amazon Prime membership in the US will rise 20 percent.

Amazon finance chief Brian Olsavsky said during an earnings call with analysts Thursday that his company will hike Prime’s fee to $119 a year, from $99, on May 11. The new price will apply to existing Prime members’ renewals starting June 16.

That increase is only the second time Amazon has increased the annual Prime membership since it was first introduced in 2005, with the company in 2014 raising the price to $99 from $79.

This is a developing story.