Holy Smokes! California Cigarette Tax Fuels Inflation: ChartBy
The U.S. consumer-price index got a little nicotine buzz in April. A $2-per-pack tax hike introduced in California last month pushed up cigarette prices by the most on record, a government report showed Friday. Without that extra boost, the CPI would’ve increased by just 0.1 percent, instead of the 0.2 percent reported, according to Steve Reed, an economist at the U.S. Labor Department.