Updated 14 mins ago NBC Universal, Inc. Whenever disaster strikes there are rumors and warnings of price gouging. What is it? Basically, if you see prices spike during an emergency, it may be price gouging. Few people know how to spot it when they see it, so here's some things to look for. Price gouging is when a seller unfairly raises the price on a good or service during an emergency. Businesses are still allowed to raise prices, but they have to be within reason. Download our NBC 7 mobile app for iOS or Android to get alerts for local breaking news and weather.