Americans are struggling with some of the worst inflation in decades and Costco members are not immune. Richard Galanti, the company's chief financial officer, confirmed last week that the cost of membership is going to go up, though he didn't say when, USA Today reports. Galanti told investors that the price goes up every five years and seven months, on average, and the last increase was in June 2017—five years and six months ago. In 2017, the annual price of the Standard Gold Star membership tier, which grants membership access to all Costco locations, rose from $55 to $60, while the Executive tier, which has additional benefits, rose from $110 to $120.
Galanti, who said there was "no rush" to raise the price, noted that the membership renewal rate is 92.5% in the US and Canada. "It’s a question of when, not if,” Galanti said, per CNBC. "There’s no analytical framework we use other than we feel very good about our member loyalty and our strength. And if we wanted to do it yesterday, we could. If we want to do it six months from now, we can. So, we’ll wait and see." The Walmart-owned Sam's Club, Costco's main rival, recently raised its membership prices for the first time in almost a decade. The Club price went from $45 to $50 in October and the Plus price went from $100 to $110, per USA Today. (Read more Costco stories.)