Pretty much every argument against raising minimum wage can be summarized as "but the 1% will adjust other factors so that the amount they're fucking everyone else over for their own benefit stays the same".
Root of the issue: the 1% fucking everyone over. This is what must be addressed. Force them to pay a livable wage, without adjusting other factors to compensate. Profits must be sacrificed. Period. Wealth re-distribution. I'll be repeating it until it fucking kills me. The broad scale trend of unlivable wages is a casualty of the pursuit of endlessly growing profit, which long ago reached a point where it could only continue by funneling wealth up from the bottom.
This isn't about navigating forces of nature. This is about people making decisions that they can be held accountable for. So instead of thinking "but prices will go up and nothing will change", we need to start thinking "and they'll try to raise prices so they're making the same amount of profit as before, and we will just have to threaten a furious mega-storm of hellfire as consequence to keep them in line". Unrealistic? It's more realistic than waiting for some magical reality hack to come along that will somehow make it so the 1% can continue to increase the amount they take from everyone else forever, without ever resulting in reduced quality of life for others. No amount of spin will ever make 1-1=2.