(RNN) - Amazon has raised the price of one of its most popular services.
Amazon Prime will now cost $2 more per month, from $10.99 to $12.99. The annual Prime membership however stays at $99.
Prime grants faster shipping and access to Amazon Video.
The monthly student rate also increased to $6.49 from $5.49.
The hike is an 18 percent increase and the last subscription increase came in 2014 when the yearly membership went from $79 to $99.
Amazon issued a statement Friday saying, "Prime provides an unparalleled combination of shipping, shopping and entertainment benefits, and we continue to invest in making Prime even more valuable for our members."
The company however did not give a reason for the price hike.
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