5g Sim VerizonSource: iMore/Rene Ritchie

What you need to know

  • Verizon is increasing the price of its wireless plans as part of an "economic adjustment charge."
  • Some plans are increasing by more than $2 per month.

Verizon is hiking the price of its wireless plans from June in what it calls an "economic adjustment charge," according to reports.

The move will see people spend more on the plans that they already have at a time when inflation continues to bite hard. The news also comes two weeks after competitor AT&T made a similar price alteration.

Bloomberg was the first to confirm that the price hike was taking place, with business customers set to pay $2.20 per month more than they are now. Notably, bills will see individual prices remain the same with a new charge being added.

Millions of consumers will see a $1.35 increase in administrative charges for each voice line starting in their June phone bill. And business customers will see a new "economic adjustment charge" beginning June 16, with mobile phone data plans increasing by $2.20 a month and basic service plans going up by 98 cents, according to Verizon representatives.

While the change might not kick in until the middle of next month for some, Verizon began warning customers of the price change this week. And even though customers will be less than thrilled by the news, the same can't be said for Verizon shareholders — Bloomberg reports that the company's stock price increased by 1.2% at one point following the news — erasing a price decline that was previously seen.

Verizon is of course far from the only company increasing prices at a time when people are feeling the pinch throughout the United States. Verizon will remain one of the best iPhone carriers around regardless of the price increase, but it will still be a bitter pill to swallow for its customers.