Over the past few years, consumers have been hit with a steady stream of price hikes on everything from groceries to streaming subscriptions.

And more are coming: 55% of companies in a recent survey by the consultancy KPMG say they plan to increase their prices within the next six months.

Given significant customer backlash and the risk of losing business, companies are scrambling even more these days to find ways to justify the hikes.

To frazzled shoppers, of course, there’s no “good” answer that justifies sticker shock. But in some cases, economists suggest, a company may successfully justify a price hike if it’s presented as “fair.” For example, if management needs to offset increased business and operational costs – such as tariffs or rising health insurance premiums – customers may be more likely to understand such “cost-based” rationales.

Other companies take a different approach and make an argument, often backed by consultants, based on value: They inform shoppers that they’re getting a better product or service for the higher price. Netflix is one example of this approach, with the company’s........

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