Sort an array of associative arrays by column value

You are right, the function you’re looking for is array_multisort().

Here’s an example taken straight from the manual and adapted to your case:

$price = array();
foreach ($inventory as $key => $row)
{
    $price[$key] = $row['price'];
}
array_multisort($price, SORT_DESC, $inventory);

As of PHP 5.5.0 you can use array_column() instead of that foreach:

$price = array_column($inventory, 'price');

array_multisort($price, SORT_DESC, $inventory);