Costco has raised its membership fees for the first time in seven years, effective Sunday.

Annual fees for “Gold Star” and business memberships have increased from $60 to $65, while executive memberships have risen from $120 to $130.

The price hike affects around 52 million memberships. Costco last adjusted fees in June 2017. The membership provides various perks, including discounts and rewards, Fox News has reported.

Despite the increase, Costco reported a 7.1% rise in net sales for July and a 7.6% increase in membership fee revenue for the third quarter of fiscal 2023, which constitutes 1.9% of the company’s total revenue.

Written by B.C. Begley