How can PHP be used to round prices to the nearest 0.01 decimal point?

When dealing with prices, it is common to round them to the nearest 0.01 decimal point to ensure consistency and accuracy. In PHP, this can be achieved by using the `round()` function with the appropriate precision parameter. By specifying 2 as the precision parameter, we can round prices to the nearest 0.01 decimal point.

$price = 12.345;
$rounded_price = round($price, 2);
echo $rounded_price;