Apple's iTunes to boost price of hottest songs to $1.29

In a move that could wind up biting Apple (AAPL), the price of many hits on iTunes will rise 30 percent in less than two weeks. One former music executive called it a coming "PR nightmare" for the iPod maker.

In an economy where consumers are looking for lower, not higher, prices, Apple will attempt to break through the psychological barrier of the 99-cent per song price by moving the price to $1.29 on April 7 for hit singles and some classic tracks.