Odd Pricing

Psychological pricing or price ending is a marketing practice based on the theory that certain prices have a psychological impact. The retail prices are often expressed as "odd prices": a little less than a round number, e.g. $19.99 or £6.95 (but not necessarily mathematically odd, it could also be 2.98). The theory is this drives demand greater than would be expected if consumers were perfectly rational. Psychological pricing is one cause of price points.
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pricing so that all prices end in an odd number, as in $7.95, $19.95; sometimes referred to as Odd-Even Pricing. See Psychological Pricing.