Costco gas outlets in New Jersey will stop offering the special bonus and start demanding memberships.
Mega-retailer and big-box retailer Costco is discontinuing a benefit that has only been available to residents of New Jersey for the past few years.
Costco will start requesting membership credentials from clients who want to fill up their gas tank in July.
Your current Costco member card would be required for petrol purchases starting on July 5, 2022, the retailer said this week.
In May, inflation reached a new 40-year high with an 8.6 percent increase in consumer prices.
On May 11, 2022, cars waited in line outside a Costco in Pewaukee, Wisconsin. (AP Newsroom/Morry Gash/AP Photo)
Up until recently, New Jersey Costco facilities have stood out for their wide lines and absence of membership restrictions for filling up a car.
MANAGEMENT OF INFLATION BY COSTCO
Due to their large box business strategy and focus on savings, Costco gas stations are noted for frequently maintaining cheaper gas prices than their rivals.
520.23 +3.93 +0.76 percent Ticker Security Last Change Change percent COST COSTCO WHOLESALE CORP.
The corporation did not explain why the new limitation on gas pumping was implemented, but prices had continued to soar across the nation in tandem with rife inflation, reaching record highs.
On Saturday, May 28, 2022, a fuel tanker driver transports 8,500 gallons of gasoline to an ARCO petrol station in Riverside, California. (AP Newsroom/AP Photo/Damian Dovarganes)
Consumer prices reached a new four-decade high in May, continuing to be uncomfortably high inflation. This increased financial stress for millions of Americans also compounded President Biden’s political problem.
COSTCO ELIMINATES MEMBERSHIP PERK FOR MORTGAGE PROGRAM
According to data released by the Labor Department on Friday, the consumer price index—a comprehensive gauge that includes prices for things like food, fuel, and rent—rose 8.6 percent in May from a year earlier. Over the course of one month starting in April, prices increased 1%. Both of those numbers are above the 8.3 percent headline figure and the 0.7% monthly growth predicted by Refinitiv economists.
