Own estimates based on data licensed from NielsenIQ. Each row corresponds to a model fitted separately; only the coefficients that denote the changes in prices after the tax adjustments are shown (, ). All models include a linear trend, a dummy variable for 2018, and fixed effects by product. ***p<0.001, **p<0.01, *p<0.05. Due to few observations, unfiltered cigarettes and pack size<14 are excluded. n=observations.

BAT, British American Tobacco; JTI, Japan Tobacco International; PMM, Philip Morris Mexico.