Examples of what I mean:
- A company increases the price of their product to match increasing COGS (e.g. a restaurant increasing their prices because the cost of ingredients has increased significantly).
- Prompted by either the employer or the employees, an employer raises the wage of employees with a certain qualification because the wages are generally increasing for similar roles at comparable companies.
- A residential or commercial property rental lease is made (or has a market review), bringing the rent into line with comparable nearby rents.
I see different actors updating at different frequencies. For example, a handyman/maintenance guy I use often has billed me at the same hourly rate for over a decade, while a signage guy changes his prices quite often depending on the demand he's currently seeing.
I've seen some contracts, such as commercial leases, have a "CPI" clause which is intended to adjust the prices frequently based on inflation as defined by some third-party (usually governmental), without needing to renegotiate the contract as a whole. I find the various inflation indexes rarely match reality (especially when provided by the government), and the real measure of inflation in my eyes is the frequency and magnitude of these "price updates"/"adjustment points"/"economic refreshments" (I don't know what to call them, hence this question!) in relation to each other.