Sam's Club raises its membership fees for the first time in nine years

Yahoo Finance Live's Rachelle Akuffo reports on Walmart subsidiary Sam's Club decision to raise membership fees to offset inflation.

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RACHELLE AKUFFO: The pinch of inflation now coming to your discount store membership, Sam's Club raising the price of an annual membership to $50 from $45. That's the first time that's happened in nine years. And for the higher tier plus membership, the price goes up to $110 from $100. Now prices on that one haven't gone up at all since the plus level was introduced back in 1999. Now the new rates go into effect on October 17. And the good news for already existing members, Sam's Club will pick up the tab on this year's renewal. Guys.