I've noticed that JoAnn's really plays games with the prices. Being in the business, I know what the wholesale price for the fabrics really is. The whole "regular price" and the coupons, it's all very gimmicky. (That's probably not a real word...)
Last week I noticed, on the calico wall, selections from Springs' "Shenandoah" group. They had them priced at $9.99 / yard. The wholesale price is $3.50 / yard. So, figure, they very often have calico wall at 30% off, so you could buy this fabric at $7 / yard, which is what the regular retail price SHOULD be. And then if you have a 40% coupon, you can get the fabric for 15% off of what the price should have been in the first place.
Another example: their Alexander Henry holiday fabrics that they price at 12.99 / yard and the wholesale price is probably in the range of $4.75 / yard.
So don't panic based upon the prices that you see in JoAnn's! They're phony, and I don't think that their price increases are going to reflect what will happen in your LQS.
What I *do* think is happening, is that with so many Wal-Marts dropping the fabrics, JoAnns knows that they are now the only game left in many towns. So they can do what they will in regards to prices.