Cost cutting efforts such as streamlining of business processes and efficient reallocation of human resources have their limitations. It will gradually become difficult for firms to absorb increases in labor costs even if they are reluctant to raise prices. In this situation, competing firms in the same environment are likely to be faced with similar limitations.
Therefore, I believe there will be cases of a price hike starting at an individual firm, followed by hikes at competing firms. Once price hikes actually start to become common, consumers are, to some extent, likely to accept increases in prices as a matter of course. Subsequently, there will be even greater room for firms to raise prices.