2008-09-09

Inflation! $0.99 → $0.9999

Sept. 8 (Bloomberg) -- 99 Cents Only Stores will raise its top price for the first time in 26 years to 99.99 cents as rising fuel and commodity prices drive costs higher.

The 0.99 cent increase will take place at its 277 stores later this month.

Cash-strapped U.S. consumers, faced with rising unemployment, soaring food and fuel costs and falling home values, are bargain-hunting.

99 Cents Only, which sells groceries, electronics and health and beauty products, climbed 45 cents to $9.53 at 4:15 p.m. in New York Stock Exchange trading before the announcement. The shares have gained 20 percent this year.