I think it should be game by game basis.
The truth is the industry is more saturated now then ever, so a general price hike would actually hurt most developers imo. People would just play less games. Ganes have proven to be profitable at the $60 price tag this decade even with inflation and increasing cost.
Going forward I think titles which legit have a 7 year dev cycle can get away with a higher asking price, ironically these games are often the ones guaranteed to sell (RDR2), so I dont think it'll often be necessary.
Above all i think we need smaller, better budgeted games but were already seeing that a bit. Most of the really impressive things shown by MS and Sony at their reveals have been AA indie games.