99 Cents Only Stores raises prices

Discounter 99 Cents Only Stores Inc. said Monday it will raise prices, including increasing its top price, to "99.99" cents, or nearly a dollar.

The new price point will be implemented in the company's 277 stores later this month.

Company Chief Executive Eric Schiffer said the increase is due to "dramatically rising costs and inflation."

"This nearly one cent price raise will help 99 Cents Only Stores offset some of the increased costs of doing business including higher fuel and commodity costs," he said in a statement.