Internet Retail

Amazon raises Prime price to $99, in first ever price hike

Amazon hikes 'Prime' price is hiking prices on Prime, its premium membership tier, to $99 per year from the current $79, the online retail giant announced on Thursday.

The price hike is the first since the service was introduced nine years ago, and will take effect when customers make their annual renewal. According to the company, Prime Fresh membership will remain unchanged at $299, and student members will pay $49 per year.

Currently, Prime offers customers free two day shipping, free Kindle downloads and movies. The company is working toward broadening the offerings of its premium service, which in the future could include streaming music.