Philip Morris Increases Cigarette Prices By Nearly 7%

Starting February 10, Philip Morris International Korea will increase its cigarette prices by nearly 7-percent on average.

Burning Cigarette

A lighted up cigarette in an ashtray

Its flagship brands such as Marlboro, Parliament and Lark will be sold at 2,700 won roughly 2-dollars-and-40-cents a pack, up 200 won.

In April and May last year, British American Tobacco Korea, the No. 2 player in the local market, and Japan Tobacco International Korea relayed their price hikes on Dunhill, Kent, Mild Seven and other products by 200 won in general to cope with surging raw material and labor costs.

Korea’s tobacco giant, KT&G Corporation however, is set to freeze its cigarette prices for the time being, putting more emphasis on boosting productivity rather than temporary sales growth.

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