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"increase their prices" is a grammatically correct and commonly used phrase in written English.
It is generally used when referring to a business or company raising the costs of their products or services. Example: "The company decided to increase their prices due to rising production costs."
Exact(18)
Overall, firms are expected to increase their prices for all manufactured goods by a modest 1.5%.
For the holiday season, restaurants often increase their prices for private parties.
The couple will increase their prices for their new models in the next couple of months.
In each case, the companies promised not to increase their prices; there was no ethical "premium".
Rising wages are putting pressure on companies to increase their prices.
Correlations between supposedly distinct securities would increase — their prices would all fall at the same time — and the safety they afforded investors could "evaporate quickly".
Similar(42)
This would greatly reduce the range of products available and increase their price.
Fenway had been forced to increase their price to £200m, due to the higher bid from the Singapore businessman Peter Lim.
If the family saved on private school tuition and sublet both their homes in London and Los Angeles, they could increase their price range and more easily afford the Village rental.
You concluded that regulation would greatly reduce the range of products available and increase their price ("Sending the wrong smoke-signal", September 28th).
They played no part in Homeric and Classical Greece but flourished in imperial Rome, where slave children were sometimes stunted to increase their price.
More suggestions(17)
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com