Higher prices may encourage hoarding, as people might see the higher prices as a sign of scarcity and want to buy as much as possible before prices increase further or stores run out.
But they also decrease hoarding in that the higher the price, the fewer items people can afford to buy and hoard.
Hoarding is a temporally displaced behavior that begins before crisis happens. Artificial scarcity is created in pockets spurned on by time itself. Artificial Scarcity is capable of riding Real Demand as long as Real Demand exists.