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.

Amazon is raising its monthly Prime membership rates 18 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.