SEOUL, KOREA - The tobacco shipments for the month of September hit a record-high level in eight years. This is largely because of the announcement on September 11 by the Ministry of Health & Welfare that it would raise the cigarette price by 80 percent (2,000 won) to 4,500 won a pack, which led smokers to stock up their cigarette inventories before the price increases.

 

According to data released by the National Statistical Office on November 2, the domestic tobacco shipment index for September was 138.6, up 27.9 points from 110.7 in the same month in 2013. This is the highest level since September 2006.

 

According to a report "September 2014 Industrial Activity Trend" recently published by the National Statistical Office, tobacco shipments rose 33.5 percent from a year ago. A statistical office official said, "The growth rate for domestic tobacco shipment index was high between June and September, due to the publicity surrounding the price hike."

 

Article provided by The Korea Economic Daily