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- Liva & Laia : 15th November
UK Tobacco giant, Imperial Tobacco, revealed a £110m fall in profits as it followed rival Philip Morris, and hiked it's prices after sales had been hit following a ban on smoking in public places in a number of countries.
Imperial Tobacco makes brands popular with Spanish smokers such as Fortuna and Nobel, which increased last week from €3.50 to €3.80, and Ducados and West, which increased from €3.30 to €3.50.
It is expected that other manufacturers will follow Imperial's lead and puts an end to the recent price war that has been seen in Spain over recent years. Further increases in the price of tobacco products from other manufacturers are possible, which would help them to offset the lost revenue seen from a fall in volumes recently seen in Spain.
There is also the possibility that the increase in prices will reduce pressure on the Spanish government to increase taxes on tobacco products.