I studied a bit of economics in highschool, which was a decade ago, so feel free to correct me.
But i learned then that when you fix the price of anything, you're supposed to find the sweet spot of supply and demand. That is, how much people will be willing to buy what you're offering at X price vs how much of it you can make (if we were to only take those 2 things into account, ignoring marketing, luxury goods, necessity supplies, etc.). With inflation, and minimum wages staying the same, if a random company were to make their prices go up… They'll just make less sales. Prices are only supposed to go up when the supply goes down or the demand goes up. If that's not happening, it's a stupid move that will make the company make less money.
By the way, that's why the prices always end in 99 or 95. It's a way to make the price look lower. You might think people aren't stupid enough to be influenced by such an obvious low effort tactic, but among millions of potential customers, it does.