Price increases are a common occurrence in the business world. They can take two forms: hikes and markups. Hikes, which have five letters, refer to an increase in the price of a product or service due to external factors such as inflation or market demand. Markups, which have seven letters, refer to an increase in the price of a product or service due to internal factors such as production costs or profit margins. Both hikes and markups can have a significant impact on the cost of goods and services.