The average household is now spending $250 more each month on essential items compared to this time one year ago, according to Market Watch. I suspect the average household isn’t earning an extra $250 a month – I know I’m not – so people are having to tighten their budget and cut back on certain purchases.

The last thing you probably want to hear about right now is another price increase, but if you’re a Costco member you should know it will soon be more expensive to shop there.

It Will Soon Cost More To Shop At Minnesota Costco Stores

As a member of a warehouse store like Costco you get special perks and discounts and the major benefit is the ability to buy in bulk which will hopefully save you some money in the long run.

Costco Sioux Falls - Ben Davis
Costco Sioux Falls - Ben Davis

Costco offers personal and business membership plans which come with different perks. It currently costs $120 to be an executive member and $60 for a business or gold star membership.

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On its website, Costco says they have over 100-million members around the world. Those people will soon have to pay more to shop in the store.

Costco’s CFO says the price that people pay to be a Costco member will be going up. He didn't offer specifics, but according to USA Today, Costco CFO Richard Galanti told analysts, "At some point, it'll happen."

Costco hasn’t raised membership fees since 2017.

We’ll see if a price hike leads to a decline in renewal rates.

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