Verizon raising prices for wireless plans with new ‘economic adjustment charge’

Two weeks ago, AT&T announced that it would be increasing prices for many of its legacy subscribers starting in June. Now, Verizon is following suit with its own round of price increases for consumer and business accounts. This marks the first time that Verizon has raised prices in two years.

Verizon price increases are coming

Verizon CEO Hans Vestberg first raised the possibility of increasing prices back in April, citing ongoing inflation concerns. Vestberg stopped short of saying price increases were definitively coming, instead saying that the company had “plans to be prepared for what it takes,” including “different types of cost adjustments.”

This marks the first time that Verizon has increased prices on these customers in two years. However, the company has increased prices on customers grandfathered into older plans as recently as late 2021.

Verizon is taking a different approach to raising prices this time. The advertised pricing of Verizon’s actual plans will stay the same, but it will begin adding a new “economic adjustment charge” to your bill every month.

The news was first reported by Bloomberg and Verizon confirmed the changes through its representatives. According to the company, the “economic adjustment charge” will be $1.35 per voice line for consumers. For instance, if you have 4 people on your family plan, this means your monthly cost will increase will be around $5.50.

Note that the increase applies only to voice lines per account. For instance, if you have four voice lines and two data only iPad lines on your account, your increase will only be based on the four voice lines.

Business customers will see a bigger increase every month, with data plans increasing by $2.20 per month and “basic service plans” increasing by $0.98 per month.

Verizon says these price increases will go into effect beginning with customer bills sent out in June. The increase on business accounts will begin on June 16. Verizon started notifying consumers of this new “economic adjustment charge” today, while it has also been in direct contact with “some of its larger corporate clients” recently as well.

These changes follow price hikes on certain plans from AT&T last month, though AT&T notably excluded its newest Unlimited plans from the price changes. Verizon’s “economic adjustment charge” applies across the board to all plans.