Altering the price of products in Magento is an easy task. All you need to do is:

1. Login to Magento Admin area.

2. Go to Catalog -> Manage Products.

3. Find the product for which you would like the price changed and click Edit.

4. Select Price from the right-hand menu.

5. You will see several fields that will allow you to set product price and also set special price for specific time frame.

6. Once ready click the Save button in the upper right corner.