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Costco raising annual membership fees

A Costco warehouse is seen in this undated photo.

October 6, 2011 12:00:00 AM PDT
Costco announced that it is raising membership fees.

The wholesale retailer said starting next month its annual membership will cost $55. That's a $5 increase.

Executive memberships will increase by $10 annually.

The company said it has no choice but to raise the fees because of the rising cost of grocery and clothing inventory.

Costco said more than 22 million members will be affected by the fee increase.