which combustibles was 81bn, and heated tobacco 70bn. Tobacco volumes have registered a CAGR of -2% over the past decade, with retail price inflation of +3% pa, the past decade from c17% to c15%, and cigarette prices are relatively affordable at c ￥550 (or $3.5) per pack, with the UBS real price elasticity of demand at 0.2. The success Japan with a c43% volume share of total tobacco, followed by Japan Tobacco at c41%
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