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Amazon increases price of Prime

Amazon.com Warehouse

NEW YORK (CNNMoney) — The price of an Amazon Prime membership was raised Thursday, but only half as much as the online retailer had said it was considering a month ago.

Amazon 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.