Lack of demand drive cigarette prices up

July 8, 2011 4:33:48 PM PDT
Cigarette enthusiasts are starting to see more of their money go up in smoke.

Prices of Phillip Morris-made brands went up by nine cents a pack on Friday. The brands include Marlboro cigarettes.

The move follows a price increase by tobacco company Lorillard, who hiked its Newport menthols by five cents a pack and non-menthols by 11 cents a pack.

Reynolds tobacco, the manufacturer of Camel cigarettes, is considering whether it will follow suit.

Analysts report the price hikes are due to a decline in demand for cigarettes.