Whatever the price increase %, my theory that they held back increasing the price and then had to level it up, still stands.
I think that's part of it, certainly. But I also believe that Sideshow's profit-margin on each Gandalf figure has to be higher than that of, say, Aragorn. Probably Indy and General Obi-Wan, too. And that's fine and definitely their right. But the price on this gives one pause, to say the least.
Of course, if this ended up with a total ES of something crazy like 250 for the Ex and 750 for the Regular I doubt many will bemoan the $89.99 price tag.