It costs the United States about 1.8 cents to make each 1 cent penny. They cost more to make than they are worth.
By rounding to the nearest 5 cents, the US will be able to stop using pennies in their currency. Other countries (ex: Canada, New Zealand, Australia) have stopped using their version of the penny in their currency and saw no rise in prices of goods.
Because of inflation, the burdensome penny is increasingly worth less and less every year.
Stop production and use of the penny.