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In the current economic climate, consumers have become accustomed to seeing prices creep up on various goods. However, Costco has typically been a refuge for savvy shoppers looking for competitive prices, especially when buying in bulk. But even this retail giant hasn’t been immune to recent price adjustments.
One area where Costco has quietly increased its prices is at its gas stations. While these stations generally offer prices lower than competitors in the area, there has been a noticeable uptick. Costco gas prices tend to be significantly lower than other gas stations, often by thirty to fifty cents, according to data from GoBankingRates based on prices listed by the GasBuddy app.
Shoppers across the U.S. and Canada have also noticed price increases on some popular goods. For instance, the price of Kirkland Signature organic extra virgin olive oil saw a notable increase, jumping from $16.99 in March 2023 to $24.99 this year at one store in Brooklyn, as reported by EatThis,NotThat!.
There’s also speculation that membership fees could see an increase. Former Costco CFO Richard Galanti hinted at a potential price increase on the company’s popular CostcoGold and Executive memberships during the chain’s fiscal-first-quarter earnings call. This would be the first increase since 2017 and could range from $5 to $10. Despite these potential increases, the company reported a 7.3% increase in total cardholders to 132 million as of the end of the second quarter.
On the flip side, Galanti noted that the company has seen improved profitability in gasoline sales, allowing it to increase prices in line with the market. “We’ve been able to see improved profitability, not just in the last quarter or two, but over the last few years,” he said.
However, Galanti also mentioned that some items, like furniture and other bulky, lower-priced items, may start to fall in price due to reduced freight costs. “Some deflationary items were as much as 20% to 30% and, again, mostly freight-related,” he explained.
In better news for customers, the price of the iconic $1.50 hot dog and soda combo at Costco’s food court, which has remained unchanged for approximately four decades, is expected to remain the same. The company has kept this price consistent thanks to a pledge from its founders.
Additionally, Costco has recently started selling Kimbap, a dish similar to sushi, at competitive prices. This item has been a hit at Trader Joe’s and is now making waves at Costco. “You get 6 kimbap for $18, making it slightly cheaper than TJ’s,” one Reddit user wrote under the Costco thread.
While Costco has made some price adjustments, it still offers a variety of competitive prices and continues to be a go-to for many shoppers.
Article generated from corporate media reports.
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