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The Price Of Tobacco
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<blockquote data-quote="OldWorldMonkey" data-source="post: 138395" data-attributes="member: 1504"><p>Many posts seem to lament low tobacco prices from decades ago without a nod to our friend, inflation (depreciation of money). In the rush to blame taxes and consumers (or the lack of consumers) we cannot be so hasty as to forget the differences between real and nominal dollars. Tobacco <em>did</em> cost less in the recent past, but so did everything else. People also made much less.</p><p></p><p>Pennies per ounce is not as economical when one's salary is less than $1500 annually. Even in the 1970s the average annual income for an American was below $10,000.</p><p></p><p>Those twenty five cents Skip spent to purchase a pack of cigarettes in the '60s could buy a $7 pack today.</p><p>In fact, given the Depression, it's likely that purchasing Tobacco for let's say 5 cents an ounce in 1940 would have been like purchasing it for over $60 an ounce today.</p><p>That is, if we forget about inflation.</p><p></p><p>Even with inflation, Skip's 25 cents would still be worth about $2 today. Any additional price increases that make your carton $3 or $6 are those other factors mentioned already— supply/demand, taxes, branding, etc. etc.</p><p></p><p>Food for thought...</p></blockquote><p></p>
[QUOTE="OldWorldMonkey, post: 138395, member: 1504"] Many posts seem to lament low tobacco prices from decades ago without a nod to our friend, inflation (depreciation of money). In the rush to blame taxes and consumers (or the lack of consumers) we cannot be so hasty as to forget the differences between real and nominal dollars. Tobacco [i]did[/i] cost less in the recent past, but so did everything else. People also made much less. Pennies per ounce is not as economical when one's salary is less than $1500 annually. Even in the 1970s the average annual income for an American was below $10,000. Those twenty five cents Skip spent to purchase a pack of cigarettes in the '60s could buy a $7 pack today. In fact, given the Depression, it's likely that purchasing Tobacco for let's say 5 cents an ounce in 1940 would have been like purchasing it for over $60 an ounce today. That is, if we forget about inflation. Even with inflation, Skip's 25 cents would still be worth about $2 today. Any additional price increases that make your carton $3 or $6 are those other factors mentioned already— supply/demand, taxes, branding, etc. etc. Food for thought... [/QUOTE]
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