Philip Morris Raises Prices on 22 Brands
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Altria Group Inc.’s Philip Morris USA is raising prices 10 cents a pack on 22 brands including Benson & Hedges and Chesterfield, its first list-price increase since April 2002.
The move by Philip Morris, the largest U.S. cigarette maker, is effective Sunday, a spokeswoman said. It comes a month after the Richmond, Va.-based tobacco company reduced discounts to dealers on top-selling Marlboro, Basic, Parliament and Virginia Slims by 10 cents a pack to 55 cents, effectively lifting prices on those brands.
Shares of New York-based Altria rose $1.05 to $63.35 on the NYSE.
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