Costco raises annual membership fees for 1st time in 7 years amid rising inflation

NEW YORK -- Heads up for consumers: the cost of admission is increasing for Costco members.

Starting on September 1, customers will see a $5-10 increase depending on their membership plan. The change applies to both current memberships and renewals.

It is the first time in seven years that the wholesale chain is increasing its membership fee.

According to Costco, the price change will "help to offset operational costs so we can keep our prices low."

Despite rising inflation in recent years, membership prices had remained steady.

The fee increase comes after the company announced it would crack down on card sharing by requiring shoppers to scan their membership cards to enter stores.

"Over the coming months, membership scanning devices will be used at the entrance door of your local warehouse," Costco said in a statement online. "Once deployed, prior to entering, all members must scan their physical or digital membership card by placing the barcode or QR Code against the scanner."

Despite the membership fee increase, Costco says its memberships will continue to include one free card for a designated person in the same household who is at least 16 years old.

For more on how you can still save, watch the video above.