Amazon increases price of Prime

NEW YORK (CNNMoney)

Amazon (AMZN, Fortune 500) announced the annual membership will now cost $99 a year, up from $79. A student membership will cost $49 annually.

In February, Amazon said it was considering raising the price to $119 a year.

Prime members get two-day shipping on a large number of Amazon items at no extra cost, plus the ability to borrow Kindle books and stream movies and television shows.

The price of Amazon Prime hasn't changed since it started nine years ago.

First Published: March 13, 2014: 8:17 AM ET

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