The price of cigarettes didn't go up because of warning labels. The price of cigarettes went up probably 15 years after the warning labels went on (1966) because of one of the most successful public health campaigns in history. Through a combination of taxes, public education, and law suits by States to recoup Medicare and Medicaid funds, the price of cigarettes was increased and their consumption was dramatically cut.
Had State legislative bodies not largely insulated tobacco companies from wrongful death suits, they would have gone the way of the asbestos companies. When I was cleaning out my original office when I scaled down to smaller quarters for my semi-retirement recently, I came across about six or eight bankers boxes of materials I had from the early 1980's on lung cancer cigarette cases that were being planned. Sadly, almost every State gave immunity to the tobacco industry and they were spared the fate that they richly deserved. But maybe one day.
But back to the original point, here is a graph on the stunning success of what has happened to tobacco consumption.