Recently, on its 2022 earnings call, PMI celebrated growth in revenues from cigarettes, saying: In combustibles, we delivered a robust performance with a 3.7% growth in organic net revenues . As PMIs smoke-free rhetoric increases, the public and policymakers must continue to be wary of PMIs claims
While a polite conversation can often resolve the issue, anyone experiencing persistent smoke drift shouldnt ignore it
The last chart plots the daily returns of the index, which clearly indicates the periods with lower volatility, when returns are small (2017, 2021, and mid-2023 to mid-2024) and higher volatility, when returns spike in both directions (COVID outbreak 2020, inflation surge, and geopolitical risk increase in 2022, and the most recent period of market uncertainty in April 2025)
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Thats why adopting a smoke-free lifestyle is so crucial
