Philip Morris Raising Cigarette Prices 3%

Philip Morris Cos. is raising U.S. cigarette prices to distributors about 3% to boost profit and help pay for rising legal settlement costs. The wholesale price increase is 6 cents a pack and goes into effect Monday, the world’s largest tobacco company said. It’s the company’s eighth increase in about 2 1/2 years, totaling more than $1 a pack. Analysts expect other U.S. cigarette makers to follow the move, which comes after a 13-cent-per-pack increase in January. New York-based Philip Morris closed off 6 cents at $25.69 on the NYSE.