Imperial, Philip Morris Hike Spain Tobacco Prices

Source from:  Reuters 06/17/2009

Imperial Tobacco (IMT.L) and Philip Morris (PM.N) have both raised the price of their cigarettes in Spain by about 0.35 euro a pack, according to figures published in Spain's state bulletin. Imperial's best-selling Spanish brand Fortuna will now cost 3 euros per pack, while Philip Morris's Marlboro brand will rise to 3.45 euros. Last week, the government announced tax increases on tobacco and fuel to help pay for massive government spending programmes and counteract sliding revenues. The government said the tax hike would imply only an additional 0.20 euro per pack of cigarettes. Enditem