Amazon is raising the price of its annual Prime memberships to $139

Amazon is raising the price of its annual Prime memberships from $119 to $139 per year in the United States, the company announced on Thursday.

The company said the price increase is due to the "continued expansion of Prime member benefits as well as the rise in wages and transportation costs.”

“In the last few years, Amazon has added more product selection available with fast, free, unlimited Prime shipping; more exclusive deals and discounts; and more high-quality digital entertainment, including TV, movies, music, and books,” Amazon said regarding the expansion of the membership.

Monthly prime memberships will increase to $14.99 from $12.99. The Prime Student membership will also increase from $59 to $69 annually.

The price change will go into effect on February 18 for new Prime members and March 25 for existing members.

The last time that the price for Prime membership increased was in 2018, when it increased from $99.

On Thursday, the company also released its earnings report, which showed that its profits doubled during the last quarter to $14.3 billion. In addition, net sales increased nine percent to $137.4 billion in the fourth quarter, compared to $125.6 billion for the same quarter of 2020.

"A big thank you to employees across Amazon who overcame another quarter of COVID-related challenges and delivered for customers this holiday season," CEO Andy Jassy said in a statement.