How to sort an array of associative arrays by value of a given key in PHP

Question

Given this array:

$inventory = array(

   array("type"=>"fruit", "price"=>3.50),
   array("type"=>"milk", "price"=>2.90),
   array("type"=>"pork", "price"=>5.43),

);

I would like to sort $inventory's elements by price to get:

$inventory = array(

   array("type"=>"pork", "price"=>5.43),
   array("type"=>"fruit", "price"=>3.50),
   array("type"=>"milk", "price"=>2.90),

);

How can I do this?