It is a big news. Amazon announced, effective April 1, 2014, they are reducing prices for Amazon EC2, Amazon S3, he Amazon Relational Database Service, and Elastic MapReduce.
The EC2 Price is reducing from 10% to 38% per your instance type or OS.
The S3 price is reducing from 36% to 65%. The highest price, 0-1TB tier is $0.03/GB/Month.
The Amazon RDS price is reducing by an average of 28%.
The Amazon ElastiCache price is reducing by an average of 34%.