Cigarette prices in the local market have seen a new hike, following an announcement by the Tobacco Division of the Federation of Egyptian Industries that the prices of “Target” and “Time” cigarettes have risen by one Egyptian pound per pack.
This increase coincides with the recent rise in the US dollar exchange rate against the Egyptian pound.
The price adjustment comes as cigarette companies closely monitor exchange rate fluctuations, with further price changes anticipated in the near future.
The head of the Tobacco Division, Ibrahim Imbabi,announced the price increase for the two cigarette brands, noting that Mansour International is the only company to have raised the prices of its products thus far.
Imbabi stated that the prices of “Target” and “Time” cigarettes have gone up by approximately one pound per pack, in line with the recent appreciation of the US dollar against the Egyptian pound.
Prices After Increase
According to statements by the head of the Tobacco Division, the new prices for cigarettes are as follows:
- Target cigarettes: The price has increased from LE 47 to LE 48 per pack.
- Time cigarettes: The price has increased from LE 57 to LE 58 per pack.
This increase reflects a new adjustment in the prices of certain cigarette brands in the local market, as companies continue to monitor economic shifts that may impact production costs and pricing.
US Dollar and Cigarette Prices
The latest price increases for Target and Time cigarettes have coincided with a rise in the value of the US dollar against the Egyptian pound—a factor that cigarette companies are taking into account when determining the pricing of their products moving forward.
Imbabi explained that exchange rate fluctuations are among the factors companies consider when reviewing their product prices, especially as the dollar has surpassed the LE 55 mark.
Opening of Cigarette Price Brackets
The head of the Tobacco Division indicated that companies are preparing to adjust their price brackets starting November 5, paving the way for potential price increases of up to 12 percent.
The market is closely monitoring developments regarding cigarette prices, as companies track fluctuations in the value of the dollar and other shifts that could influence their pricing strategies.
Will cigarette prices continue to rise?
Movements in the dollar exchange rate and anticipated adjustments to price brackets remain key factors influencing the pricing decisions of cigarette companies.
Ultimately, however, any new price hikes will depend on official announcements made by the companies themselves.
Edited translation from Al-Masry Al-Youm
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