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The membership increase, set for September 1, 2024, will impact around 52 million memberships, a little over half of which are on the “Executive” plan.

The annual US and Canada “Gold Star” memberships, Business and Business add-on members will see fees increase by $5. The annual fee for a “Gold Star” member currently sits at $60 plus sales tax, Costco said in an announcement this week.

Higher-tier “Executive” members in the US and Canada will see annual fees increase from $120 to $130. The maximum annual 2 percent reward, associated with the Executive tier, will increase from $1,000 to $1,250.

This is the first membership price hike Costco has announced in seven years.

“To clear up some recent media speculation, I also want to confirm the $1.50 hot dog price is safe,” Costco’s new chief financial officer, Gary Millerchip, said in May.