Initiative to Raise the Minimum Wage in South Dakota (or anywhere)

I’m not opposing people getting higher wages. When I worked I liked getting a raise occasionally. I felt I earned it. Soon I realized the raise cost me more than I gained, because prices all went up. Therefore, I oppose higher prices, because of raising the minimum wage.
I suppose it would be impossible to ask the merchants, manufacturers, etc. to reduce their profits thus lowering prices. That would be against capitalism, wouldn’t it? It wouldn’t be American to put a ceiling on profit percentages.
According to my training as a federal government contracting specialist, The instructor stated the definition of fair and reasonable is to keep raising the price until the eyebrows go up.
Ultimately, the consumer decides the price. The problem with that idea is that some things are necessary (or we think they are). So we are forced to pay the set price.
I also hate playing consumer games, coupons and price matches, etc. But that’s a subject for another post.