99 Cents Only Stores becomes 99.99 cents

99 Cents Only Stores, the US discount chain, has narrowly escaped an expensive rebranding after increasing its prices just shy of $1 in order to offset soaring costs.

America's oldest single-price store, is raising its maximum prices for the first time since it was founded in 1982, to 99.99 cents.

Dramatically rising costs and inflation has forced 99 to pass on as much to its customers as it could without facing an embarrassing, and expensive, rebranding to $1 Only.

Eric Schiffer, chief executive, said: "This nearly one cent raise will help 99c Only Stores offset some of the increased costs of doing business including higher fuel and commodity costs."

Since it was founded prices have never exceeded 99 cents and the group has always offers deals such as three for 99 cents.