Costco Quietly Hikes Price on Some of Their Most Popular Products

Costco, known for its competitive bulk pricing, has raised prices on several items. This shift is noticeable even at its gas stations, where prices have seen a slight increase. According to GoBankingRates, Costco gas is still cheaper by 30 to 50 cents compared to others, based on GasBuddy app data.

In a recent report by Eat This, Not That, the price of Kirkland Signature organic extra virgin olive oil in a Brooklyn store rose dramatically from $16.99 to $24.99 within a year. This marks a significant uptick for a staple item.

There's also talk of membership fee increases. On a fiscal first-quarter earnings call, former Costco CFO Richard Galanti hinted at a potential $5 to $10 increase for CostcoGold and Executive memberships. This would be the first increase since 2017. Membership count has risen to 132 million, a 7.3% increase from last year.

Galanti noted an uptick in gas profitability, aligning with market price increases. "We've seen improved profitability in gas over the last three to five years because others are making more, and we're allowed to make a little more," he explained.

He elaborated on the competitive pricing strategy. "Our weekly competitive price shops on gas show that our value proposition has actually increased," Galanti stated, labeling it a win-win situation.

On the earnings call, Galanti mentioned that prices for some items like furniture might drop due to decreased freight costs. "Some deflationary items were as much as 20% to 30%, mostly related to freight," he commented.

However, the beloved $1.50 hot dog and soda combo at Costco's food court remains unchanged. This price has been constant for about four decades, a commitment made by the company's founders, as reported by FOX Business.

Fox Business also highlighted Costco's introduction of kimbap, a sushi-like dish, now available at competitive prices. "You get 6 kimbap for $18, slightly cheaper than Trader Joe's," a Reddit user noted, rating it highly and expressing eagerness for its restock.

Our Privacy Policy has been updated to support the latest regulations.Click to learn more.×