CONSUMER

Philip Morris Rescinds Discount Brand Price Hike: An increase on the company’s discount cigarettes was set to take effect next week, but instead prices will be cut to stay competitive, the company said. The company also said it would make permanent promotional prices of its premium brands, like Marlboro, which have been lowered an average of 40 cents a pack since May. The discount price hike would have boosted the average price of its Basic and Famous Value line of private-label cigarettes by 6 cents a pack to about $1.31. The idea was to narrow the difference between its premium and discount brands so that smokers would not be so tempted to switch to lower-priced brands.