What is the normal cost of living increase a year on services?

I own a business and it is time to raise prices . What is the formula.

be careful, you might put yourself out of business.
Cost of living increase at the gas pump and grocery store is way up, but if you raise your prices that much you may not have the same customers you have now, unless you are already cheaper than your competition. 2 to 3 % rainge might work.

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