Amazon jacks up the price of Prime from $99 to $119

Amazon Prime, the online shopping site's membership program, is going up in price.

In its quarterly earnings call Thursday, Amazon announced it was increasing the annual price from $99 per year to $119 starting May 11 for new members. The renewal rate will also jump $20 bucks starting June 16.

SEE ALSO: Amazon finally reveals how many Prime users it has

Amazon CFO Brian Olsavsky said the company hadn't increased the price of membership since March 2014 (it jumped from $79 to $99 then), and in the time since "we continue to increase the value of Prime." Membership offers, among many digital and video services, free two-day shipping. The quick shipping is available for 100 million items.  Read more...

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