RICHMOND, Va. —Altria Group Inc. is raising prices on its cigarettes by 14 cents per pack.
Brands with raised list prices include Marlboro, Basic, Benson & Hedges, Benson & Hedges Menthol Green, Chesterfield, L&M, Merit, Nat’s, Parliament and Virginia Slims, according to a research note from Nik Modi, managing director of RBC Capital Markets, New York.
“It's worth noting that this increase comes just 84 days after [Altria’s] last increase (13 cents per pack) on Nov. 1, which is a bit sooner than we would have expected based on historical intervals,” Modi said.
Altria’s increase follows R.J. Reynold’s, Winston-Salem, N.C., 13-cent-per-pack increase on Dec. 28, Modi said. The price change will take effect Jan. 24.
Altria, Richmond, Va., is one of the country’s largest tobacco producers. Its companies include Philip Morris USA, U.S. Smokeless Tobacco Co., John Middleton, Ste. Michelle Wine Estates and Philip Morris Capital Corp.