Prices are going up all over the place these days, and soon, you'll be able to add Costco memberships to the ever-growing list.

During a recent company meeting, Costco CFO, Richard Galanti seemed to be preparing everyone for the inevitable. He also gave a hint as to when customers might see a price hike.

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Galanti went on to indicate that the company has raised its membership fees 3 times in the past 15 years, and we will be coming up on 5 years in June. So, you're most likely to see a price hike come this summer.

Another possible reason for the membership price increase could be due to shipping costs. Galanti mentioned that Costco recently bought three of its own ocean-faring cargo ships to transport its goods in a more timely manner. This of course is a direct result of the COVID-19 pandemic. So, because the company is spending more money to get its goods to its customers in a prompt fashion, it's no surprise that members of the wholesale giant will see fee increases.

The new company cargo ships have been worth it though, according to Galanti. Not only do they transport the goods more quickly, but they also can haul a large number of items on each haul. This has improved things at the Costco warehouses, compared to the early stages of the pandemic.

To read more about what the Costco CFO elaborated on, Check out this article from Eat This Not That.

Story Source: Eat This Not That

Story Source: WGN TV

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