Amazon is raising its monthly Prime membership rates roughly 20 percent.

The premium membership that grants faster shipping and access to Amazon Video will now cost $12.99 per month, up from $10.99, according to the company’s membership page.

The company is also raising the discounted student monthly rate from $5.49 to $6.49 per month for new sign-ups.

The cost of a yearly membership, $99, will not change.

Recode first noticed the new price.

Amazon started the monthly pricing model less than two years ago as a more flexible way of taking advantage of Prime’s fast shipping and other benefits. Prime members spend considerably more on Amazon than non-Prime members.

Morgan Stanley said in a note published in December that Amazon Prime growth is plateauing in the U.S., showing the first signs of a slowdown. They based their conclusion on a survey of 1000 U.S. adults.

Shares rose a little over 1 percent in morning trading.

–Reuters contributed to this report.

This story is developing. Please check back for updates.

Source: Tech CNBC
Amazon is raising its monthly Prime membership rate