Definition

Noun: A price increase is a rise in the amount of money that must be paid to acquire a good or service. It refers to the upward change in the selling price.

Usage

The term "price increase" is used to describe the event or fact of a price becoming higher. It is commonly discussed in economics, business, and consumer contexts. - It is often modified by adjectives indicating size, frequency, or cause (e.g., sharp, annual, unexpected). - It can be the subject or object of a sentence.

Examples

• The price increase for raw materials forced the company to adjust its budget.
• Consumers protested the sudden price increase on essential medicines.
• A steady price increase over several months indicates inflationary pressure.

Advanced Usage

• "to announce/implement a price increase": To formally declare or put into effect a higher price.
  • The airline announced a price increase for all flights next quarter.
• "to absorb a price increase": To bear the cost of a higher price without passing it on to customers.
  • The retailer decided to absorb the wholesale price increase to remain competitive.

Variants and Related Words

• Price hike (n): An informal synonym, often implying a sudden or steep increase.
  • The price hike in gasoline was widely criticized.
• Inflation (n): A general and sustained increase in the overall price level in an economy, of which individual price increases are a part.
• Surcharge (n): An additional charge or price increase, often added to a standard cost.

Synonyms

• Markup: An increase in the price of a product above its cost.
• Upsurge in price: A rapid or intense rise in price.

Antonyms

• Price cut: A reduction in price.
• Price decrease: A decline in the amount of money that must be paid.
• Discount: A deduction from the usual cost.

Related Phrases

• "to pass on a price increase": To transfer the burden of a higher cost to the next buyer or consumer.
  • The manufacturer passed on the price increase to distributors.
• "across-the-board price increase": A price rise applied to all items in a category or range.
  • The supplier announced an across-the-board price increase of 5%.

Noun

1. increase in price