Annual review of pricing is the bare minimum for normal times, and doesn't cut it when inflation is high. When inflation is both high and persistently so, and you only update your pricing once a year...or less...the world is simply passing you by.
It's not just inflation either. If you operate globally, you likely have currency exchange rates embedded in regional pricing that can quickly become outdated (EUR-USD has spiked from 1.06 to over 1.12 in just the past 6 weeks).
It doesn't stop there either! Keep your pricing current.