Costco Raising Membership Fees

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.

The rate increase will take effect on November 1. It will be Costco's first membership rate increase in five years.

Third quarter sales figures released Tuesday showed the wholesale chain's net income rose 11 percent over the previous year to $487 million.

Costco officials say the membership hike is needed to keep inventory prices low.