This has not worked out so well for other products. I live in Canada where cigarettes are enormously expensive due to taxes. Yet I know people who continue to smoke.
They're a lot poorer now, and so they have less money to spend on healthy food. So not only are they destroying their health by smoking, they're stuck eating crappy food as well.
I would not expect a higher price to stop every single person from buying the item immediately, especially not at at a price that is still obviously affordable.