Philip Morris USA raises cigarette prices

CHICAGO (Reuters) - Philip Morris USA has raised prices on its top selling Marlboro and other brands, a company spokesman said on Monday.
The unit of Altria Group Inc is raising the price it charges wholesalers for Marlboro, Basic and L&M cigarettes by 6 cents a pack and the rest of its brands by 8 cents, Altria spokesman William Phelps said.
The average price of a pack of Marlboros was $5.29 in the third quarter.
The new prices take effect on Wednesday, he said.
Phelps declined to comment on the reason for the increase, but under a law passed in June that gives the Food and Drug Administration regulatory power over tobacco companies, those companies have to pay new fees to the agency.
Altria shares were up 16 cents, or almost 0.9 percent, at $18.09 in Monday morning trading.
Shares of rival Lorillard Inc fell 5.6 percent after that company posted profit that missed analysts estimates as it spent more on promotional offers to boost cigarette sales.