World No Smoking Day: Increasing the price of tobacco by 5% reduces consumption by 3.5%

In a 30-year-old study into pricing policy and tobacco consumption, it was found that increasing prices by only 1% reduces consumption by 0.5%. The results have now been published to mark World No Smoking Day on 31 May. Today a 1% increase in the price of tobacco reduces consumption by as much as 0.69%.