We have just raised all our prices by £1 and only lost a couple so far. First time in 4 years so won't be waiting that long again. Will be looking at 50p a year from now on customer won't mind so much then.
I'd agree with that.
This is the horrible situation of inflation.
Everybody else is raising their prices (gas. electric, petrol, council tax, food) so you MUST raise your prices just to stand still financially. If you dont raise your prices you're not working "for the same money" you're working for less....unless you can get British Gas or Shell or Tesco not to charge you extra!
If you want to earn "the same" from your customer you need to be looking at an inflation rate increase (around 5%) Most business's will do this yearly because if you leave it, the increases can look very dramatic.
If you want to "earn more" from the same customer, then you need more than inflation.
....but this has nothing to do with economic impacts and more to do with what you think you can get away with, to increase your bottom line.
Two very different subjects.