Probably you want to store a master table of items in your game .This need not be in MySQL, as it won't ever change during games. In the past I've used a PHP array for this. Then you can have a table of item instances which contains one row per item.
You can have a column or columns containing the location of the item - which could be either in a player's inventory, or in a room, chest etc. You'll have to design the method of storing this yourself.
Things like the price of an item will likely be calculated based on its attributes - so if items have wear etc, that will affect its price. So you shouldn't store the price in the database as this will be dependent purely on other columns.
Then to find the players inventory, you just select from the item instance table where the location is in the player's inventory. Likewise if it's a NPC's inventory (shopkeeper etc), chest etc.
Mark