Again, I'm not going to argue this. I'm a poli sci student, not a capitalism and economics student, so I'm not really interested.
I think that it is mildly disingenuous to raise prices for a good that doesn't actually do anything different, than what it did at it's previous price.
Wages have not been going up at all. I'm not sure what world you live in, but the economy is not doing so hot, worldwide. Everything goes up for the "consumer" because they think they'll always pay. They're exploiting the smallest man on the totem pole, and I don't think it will work well for them.
Again none of this is economically sound to an economist (that is, one who studies capitalism), but I don't think they have been getting much right with it previously, apparently.
Anyway, OP don't be surprised if the mark-up is more than it is, I never meant to offend any capitalists or shop owners or suppliers in the room.