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New tobacco study raises cigarette price hike possibility

from Convenience Store News

This time of year typically sees an uptick in gas prices, but this year, cigarettes prices may be the ones doing the climbing. The Wells Fargo Securities 1Q12 U.S. Tobacco Retailer Survey found that more than 70 percent of the company's tobacco industry retailer and wholesale trade contacts expect to see a price increase in May or June. Wells Fargo Securities anticipates The Altria Group's Philip Morris USA division to lead the 5- to 7-cent bump, according to Bonnie Herzog, managing director of Beverage, Tobacco & Consumer Research. more

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