This at times is thought to go hand in hand with Monetization Strategy, and in some examples is accurate. Item Pricing, however, is a very significant factor in terms of success for a Free-to-Play game. The pricing of your items is going to determine everything from your ARPU (Average Revenue per User) to your bottom line.
Do you want to price items high and take the higher ARPPU (Average Revenue per Paying User) route? Or do you price your items lower and aim for a higher paying user ratio? Are your items mostly convenience items that should be priced cheaply, or are they luxury items that you want to price high? These are questions you should ask yourself when coming up with your pricing strategy.