U.S. telecom AT&T (NYSE:T) said Friday it is raising prices for its home internet plans by $5 per month, according to a notice sent to customers by email.
The $5 price hike comes for a third consecutive year, which will be effective on December 1. The company’s home internet plans currently start from $55 per month.
The move is expected to provide some cushion against rising expenses and offset costs stemming from the purchase of wireless spectrum owned by EchoStar (SATS) and the buyout of Lumen’s (LUMN) consumer fiber business.
The hike will not be applicable to customers who signed up in the last year or those who joined through the Access from AT&T program for low-income households, the company said.
“As we work to meet the evolving needs of our business and manage increasing operational costs, we’re adjusting our internet plan rates to help maintain the high-quality service our customers expect,” AT&T spokesperson Jim Kimberly said in a statement.