Philip Morris ups cigarette prices
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Philip Morris USA effectively raised the price on Marlboro, Basic, L&M; and most of its other cigarette brands by 9 cents a pack.
The company, a unit of Altria Group, raised the price on Marlboro, Basic and L&M; by reducing the promotional discount given to wholesalers on those brands. Reductions in promotional discounts are typically passed on to consumers in the form of higher prices.
The average price for a pack of Marlboro cigarettes, the top-selling U.S. brand, had been $4.27 in the first quarter.
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