No merchant shall relabel or remark merchandise, as defined in this subchapter, that is offered for sale in a retail establishment, to reflect a price higher than that price at which the merchandise has previously been offered for sale to the public, where the price change is intended to reflect a new and higher wholesale price for the same type of merchandise. Reductions in the price of merchandise may be made without regard to the provisions of this subchapter.
('69 Code, § 8A-34) (Ord. 395, passed 3-17-75) Penalty, see § 10.99