>> Prices will increase a lot.

Citation needed. Very little of what we buy today as a consumer are commodities whose price is determined primarily by the cost of production — and even then labor costs are rarely the most significant cost.

Most things we buy are priced according to what the consumer is willing to pay for it, and the balance sheet of the companies that sell most of the things we buy show there’s a lot of wiggle room there.

> Citation needed. Very little of what we buy today as a consumer are commodities whose price is determined primarily by the cost of production — and even then labor costs are rarely the most significant cost.

Services and goods where lots of human labor is required get much more expensive with larger cost of labor. E.g. fast-food, food delivery. And there's nothing wrong with that of course - I'd rather pay 2x more for delivery than have people working on wages that are not enough to even feed them.