The Premier League champion had been accused of greed by fans, who refused to spend money on drinks and food at Anfield Stadium as protest.
Thousands of fans held up yellow cards during a game against Crystal Palace with the message: "Caution: Anfield's Soul at Risk."
The unrest coincided with anger from Red Sox fans toward principal owner John Henry and Boston's chief baseball officer Craig Breslow. A banner flew over Fenway Park last week urging the ownership to sell the team.
Fan groups welcomed the reversal, which will see an inflationary rise next season with prices frozen the following year.
Price hikes announced in March sparked outrage. Spirit of Shankly said at the time: "We should not be conned into thinking it is normal for prices to go up each season. This is a choice driven by greed."
While fans have acknowledged the success achieved under FSG — including two Premier League titles and the Champions League — they said the increases were "tone-deaf and worrying."
The club added that "without wider progress on alternative solutions, future inflationary increases may still be required."
— James Robson, The Associated Press