Amazon Prime prices to soar in Europe

STORY: Amazon Prime users in Europe are in for a shock.

Prices for the delivery and streaming service are set to jump by up to 43%, depending which country you’re in.

The biggest increases come in Spain, Italy and France.

Germans are set for a 30% hike, while Britain faces a more modest 20% jump.

Amazon says it has no choice but to lift prices amid soaring inflation and operating costs.

It also faces big bills for creating content for its streaming service.

Back in April, Amazon posted its first quarterly loss in seven years.

Higher wages and rising gas costs were among the headwinds.

The e-commerce giant is now on a cost-cutting drive.

Steps include not filling some vacant roles, pausing office building and slowing warehouse openings.

It has also increased fees for some merchants selling on its platform.

Now analysts fear an economic slowdown could hurt another of its big profit engines - cloud computing services.

On Thursday (July 28) Amazon is expected to post net income of almost $1.4 billion for the latest quarter.

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