This is the first time the company has increased prices in two years, USA Today reported.
The standard United States plan increases by $1 to $10.99 a month, with a $2 rise to $13.99 for the premium option.
Netflix said it will start sending out notifications by email to its subscribers beginning October 19.
The current subscribers will be notified of the changes by October 19, with the prices going into effect by their next billing cycle.
Netflix's content spend is due to hit US$7 billion (€6 billion) next year, with shows such as the newly commissioned ten-part series Raising Dion the result.
In the United States however, Netflix remains cheaper than many of its competitors despite the current price hike.
Hence the proliferation of streaming services threatens to force consumers to be more selective about which video products they choose.
Netflix subscribers on the middle and top tiers are about to notice an increase in their monthly bill. The last price hike was back in 2014-2015, but the new standard plan price of $10.99 is still below Hulu's (mostly) ad free option at $11.99.
The basic subscription to Netflix remains at the same price: 7,99 euros per month.
Still, despite the price increase, Netflix will remain a much better deal than cable in terms of viewing time. For subscribers, it may seem like Netflix prices just jumped, as the price hike the company announced in 2014 was delayed for existing subscribers, who didn't see their bills go up until a year ago. Parts of the website may not work as expected without them.
Netflix did not immediately respond to a request for comment.
What's your take on a price increase? Some Wall Street analysts say recent business trends suggest Netflix may even surpass that number when it reports its results.
Netflix's shares ended by 5.4 percent this year in NY, resulting in a stock gain of 56 percent.