Verizon Joins AT&T in Raising Wireless Prices as Inflation Bites

Verizon 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 2022 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. Like many businesses, Verizon has been weighing options on how to adjust to inflation pressure. Rival AT&T earlier in May 2022 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. Recent Labor Department data has 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,” said Tami Erwin, head of Verizon Business. Verizon is trying to balance higher prices with better service, like switching customers from outdated plans to new 5G offers, Erwin said.