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Technology


VERIZON JOINS AT&T IN RAISING WIRELESS PRICES AS INFLATION BITES

 * Increases are $1.35 for consumers, up to $2.20 for businesses
 * Carrier joins AT&T passing along inflation pain to customers

By

Scott Moritz

+Follow
May 16, 2022 at 2:54 PM GMTUpdated onMay 16, 2022 at 8:58 PM GMT


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Verizon Communications Inc. will raise prices on its wireless bills for the
first time in two years as the largest US wireless carrier grapples with higher
costs.

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.




New York City-based Verizon started notifying customers Monday and has been
contacting some of its larger corporate clients in recent days to tell them of
the coming increases.

The move rallied Verizon’s shares, vaulting them ahead of the broader market to
their highest close in three weeks. At 4 p.m. in New York, Verizon rose 1.8% to
end the regular session at $49.04, while the S&P 500 declined 0.4%. 

Like many businesses, Verizon has been weighing options on how to adjust to
inflation pressure. Rival AT&T Inc. earlier this month raised its rates on older
consumer plans by $6 on single lines and $12 for families in order to catch up
with rising costs and higher wages.




Labor Department data last week signaled that elevated consumer inflation could
persist for longer than expected.




“We’re all feeling the pressure and we’ve been in the process of deciding how
much of that pressure we can share with our clients,” Tami Erwin, head of
Verizon Business, said in an interview last week. 

Verizon is trying to balance higher prices with better service, like switching
customers from outdated plans to new 5G offers, Erwin said. 



Since there are no fixed-rate plans for businesses like there are for consumers,
each new corporate contract is a fresh chance at raising charges. Verizon will
be able to negotiate higher prices into new service plans when the previous ones
expire, Erwin said.

Industry watchdogs had warned that once T-Mobile US Inc. acquired Sprint Corp.
two years ago, there would be fewer wireless competitors, making it easier to
raise prices. Implementing higher charges under the cover of surging inflation
represents a ripe time to capitalize on the situation.

It’s a “raise-your-prices-while-you-can” moment, said Harold Feld, senior vice
president of the Washington-based policy group Public Knowledge, before the
Verizon news.

— With assistance by Todd Shields

(Updates with Verizon closing share price in fourth paragraph)




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