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.
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.
Oliver Haslam has written about Apple and the wider technology business for more than a decade with bylines on How-To Geek, PC Mag, iDownloadBlog, and many more. He has also been published in print for Macworld, including cover stories. At iMore, Oliver is involved in daily news coverage and, not being short of opinions, has been known to 'explain' those thoughts in more detail, too.
Having grown up using PCs and spending far too much money on graphics card and flashy RAM, Oliver switched to the Mac with a G5 iMac and hasn't looked back. Since then he's seen the growth of the smartphone world, backed by iPhone, and new product categories come and go. Current expertise includes iOS, macOS, streaming services, and pretty much anything that has a battery or plugs into a wall. Oliver also covers mobile gaming for iMore, with Apple Arcade a particular focus. He's been gaming since the Atari 2600 days and still struggles to comprehend the fact he can play console quality titles on his pocket computer.
AT&T announced it first now Verizon. How long until T-Mobile does the same.
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