MIAMI (CBS4) – It will soon be a little more costly to shop for wholesale goods at Costco.
Despite posting post quarter gains, the warehouse club store is raising their membership prices across the board by 10 percent for it’s 22 million members in the U.S. and Canada.READ MORE: Area Businesses Looking To Benefit From Fort Lauderdale Air Show
The rate increase will take effect on November 1. It will be Costco’s first membership rate increase in five years.READ MORE: Going To The Fort Lauderdale Air Show This Weekend? Here's What You Need To Know
Third quarter sales figures released Tuesday showed the wholesale chain’s net income rose 11 percent over the previous year to $487 million.MORE NEWS: CBS4's Dave Warren Gets A Bird's Eye View Of Fort Lauderdale Air Show With The Geico Skytypers
Costco officials say the membership hike is needed to keep inventory prices low.