A company stores about 300 TB in Amazon S3 Standard storage month after month. S3 objects are typically around 50 GB each and are frequently replaced with multipart uploads by a global application. The number and size of objects remain constant, but S3 storage costs are increasing each month. How should a solutions architect reduce costs?

The problem states that S3 storage costs are increasing despite the number and size of objects remaining constant. This indicates that hidden or orphaned data is accumulating. When multipart uploads are initiated but not completed, the uploaded parts consume storage space and incur costs, even if the final object is never assembled. An S3 Lifecycle policy can be configured to automatically delete incomplete multipart uploads after a specified number of days, preventing these orphaned parts from accumulating and driving up storage costs. Switching to S3 Transfer Acceleration would improve upload speeds but would not address the issue of accumulating incomplete multipart upload parts, and it might even increase costs due to the acceleration service. Configuring S3 inventory helps with managing and auditing objects but does not directly prevent cost increases from incomplete multipart uploads. CloudFront is a content delivery network (CDN) that caches content at edge locations, reducing the load on S3 for frequently accessed objects, but it does not reduce the storage footprint within S3 itself.