Cigarette prices are rising again, with the two largest tobacco manufacturers expressing confidence that another 6-cent a pack increase won’t deter smokers in a down economy.
R.J. Reynolds Tobacco Co. and Philip Morris USA confirmed Thursday they are raising their list price by 6 cents on all their brands. Reynolds’ price increase goes into effect today, while Philip Morris’ goes into effect Tuesday.
Lorillard Inc. is raising the list price by 6 cents a pack on its Newport, Kent, Maverick, and True brands.
Although the list price is geared toward wholesale and direct-buying customers, they tend to pass most or all of such increases on to consumers.
“I cannot speculate how this will affect the price at retail, as we don't set that price,” Reynolds spokesman Richard Smith said.
In June, Philip Morris and Reynolds raised the list price by 6 cents on most of its brands, while Lorillard increased its list price by 8 cents.
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