Yesterday, E.P. Carrillo informed its retailers that it would increase prices on Feb. 1.
According to David Spirt, chief operating officer of E.P. Carrillo, the price changes amount to a 5 percent increase. While most of the portfolio is affected, E.P. Carrillo is not increasing the prices of Allegiance, its newest line of cigars.
“We strive to balance the value of our cigars to both the retailer and consumer, along with the ever-increasing costs to manufacture our products for everyone,” said the company in a letter to retailers. “We also feel it is best to keep our prices firm and stable, for as long as possible, before taking an increase that has become necessary this year. Lastly, it is important that we share with you the fact that some prices at the manufacturing end, are higher as a percent increase, and we chose to absorb those extra costs as part of our commitment to bringing you the best cigars at the best price.”
It is widely expected that most cigar companies will be increasing prices in or around early 2023, most of which are likely to be announced in the first quarter of the year as that is when most companies traditionally make these announcements. Reasons for these increases include increased costs for tobacco and packaging, increased competition for labor, general inflation, and mirroring competitors’ price adjustments.
The following chart looks at what companies have announced price increases or no price increases for 2023.
|All Saints Cigars||Yes|
|Espinosa Premium Cigars||Yes|
|Foundation Cigar Co.||No|
|Howard G Cigars||No|
|La Flor Dominicana||No|
|Miami Cigar & Co.||No|
|My Father Cigars||No|
|Oscar Valladares Tobacco & Co.||Yes|
|Oveja Negra Brands||No|
|Quality Importers Trading Co.||No|