Verizon Bumps Up Wireless Prices Citing Inflation Woes After AT&T

For the first time in two years, Verizon Communications Inc VZ will raise prices on its wireless bills, helping it shift the burden of higher costs, Bloomberg reports.
Industry watchdogs had warned that post-T-Mobile US, Inc's TMUS acquisition of Sprint Corp, there would be fewer wireless competitors, making it easier to raise prices.
Implementing higher charges under cover of surging inflation represents a ripe time to capitalize on the situation.
Recently AT&T Inc T raised its rates on older consumer plans by $6 on single lines and $12 for families to cope with rising costs and higher wages.
The Labor Department data signaled that high consumer inflation could persist longer than expected.
The Verizon consumers will see a $1.35 increase in administrative charges for each voice line, starting with their June phone bill.
Verizon's 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 rising by $0.98.
Price Action: VZ shares traded higher by 1.86% at $49.07 on the last check Monday.