Costco (COST) has announced its first membership price increase in 7 years, taking effect Sunday, September 1. The wholesale grocery retailer will raise the cost of its Gold Star membership by $5, bringing it to $65. Similarly, the Executive membership will see a $10 increase, reaching a new price point of $130.

Yahoo Finance senior reporter Brooke DiPalma joins Wealth! to break down the details of this new pricing strategy.

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This post was written by Angel Smith