Business
If the Cigarettes Don't Kill You, the Price Hikes Will
Philip Morris Raises Cigarette Prices and Cuts Discounts
Philip Morris USA is cutting certain discounts and raising prices on cigarette brands starting Monday, the Dow Jones Newswire reports. The tobacco company willl cut "off-invoice" promotional allowances offered on Marlboro, Basic and L&M Box by 9 cents a pack through late June. The company is also eliminating the current 20-cents-a-pack promotional llowance on its Parliament cigarette brand, and is increasing the list prices by 9 cents a pack, or 90 cents a carton on the balance of its cigarette brands.
Cigarette volumes in the U.S. have been falling and the cigarette industry has had to hike prices to offset higher taxes and costs.
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