Amazon subscription / Credit: GETTY IMAGES

Amazon is to raise the price of its Prime service for UK customers.

From September, monthly subscriptions will go up £1 to £8.99 and annual membership will increase from £79 to £95.

Amazon said the price rise was its first in the UK since 2014 and was due to “increased inflation and operating costs”.

Other services such as Netflix have also increased subscription prices due to increasing costs.

Prime services offer unlimited delivery of products, and entertainment streaming services.

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Amazon said the new pricing would begin from September, or at the customer’s next membership renewal date, adding that switching to an annual plan or cancellation of membership was also an option.

The move comes at a time when many households are looking to cut back on spending and save money, with prices of goods rising at the fastest pace for 40 years.

Recent research has suggested that more people are cancelling video streaming subscriptions, such as Netflix, Disney+ and Amazon Prime, due to the rising cost of living.

A total of 1.66 million services were dropped in the second quarter of 2022, market research firm Kantar said, with the under-24s age group most likely to cancel.

More than a third of cancellations were attributed to cutting costs, with the primary reason as “wanting to save money”.

High competition in the streaming industry has led to competitive pricing and offers for customers.

But Netflix increased the price of its plans in 2021 and 2022. It recently announced it had lost almost a million subscribers between April and July, and it has now lost members for two quarters in a row.

Amazon said it had invested billions of pounds in content in recent years, with original series such as The Terminal List, as well as Clarkson’s Farm.

It has also moved into sports broadcasting, after successfully bidding for the rights to screen Tuesday night Champions League football matches from 2024.

Amazon already has the exclusive rights to 20 Premier League matches a season, including the entire round of matches on and around Boxing Day each year. And it has a five-year deal to exclusively broadcast the US Open tennis tournament in the UK.