Possible Increase in Cigarette Prices in South Korea
According to South Korean media outlet Edaily, due to a mere 1.1% increase in domestic cigarette sales in recent years, coupled with a decrease in tax revenue from 12 trillion Korean won to 11.8 trillion Korean won, the South Korean government is likely to raise cigarette prices next year.
Currently, the price of physical cigarettes is 4,500 Korean won and it is anticipated that it might increase to a maximum of 8,000 Korean won.
It is expected that this will also lead to an increase in the price of electronic cigarettes. Despite the Ministry of Finance denying rumors of a price hike, the tobacco industry is already preparing corresponding strategies. The current price of cigarettes in Korea is nearly double the average level of the Organisation for Economic Co-operation and Development (OECD). Experts are urging the government to raise cigarette prices to support the National Health Promotion Program.
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