I'm a California restaurant operator preparing for the $20-an-hour fast-food wage by trimming hours, eliminating employee vacation, and raising menu prices
Prices are based on supply and demand, neither of which involves employee wages, so this guy is lying about the reason. Wages affect profit. If a company is increasing prices, it's because they think demand will support it. This guy can lie to his customers for a bit saying it's because of the wage increases to try to squeeze something out of people, but ultimately, people will start buying somewhere else and he'll need to lower prices again to balance demand.
The other things, trimming hours and denying vacation, are things they constantly do, with or without wage hikes, so again, he's lying about the reason.