Inflation: Bakers increase BREAD price by 30 per cent
The Association of Master Bakers and Caterers of Nigeria (AMBCN) has asked its members to increase the prices of bread and other items by 30 per cent.
The move, the group said, is due to the rise of economic inflation across the country.
The association’s stakeholders explained that the sudden increase in bread prices is due to the high cost of production and commodities such as sugar, yeast, and flour.
The directive was part of the resolution reached during the National Executive Council (NEC) meeting of the association held in Abuja.
National President of AMBCN, Masur Umar, acknowledged that there will be a 30 percent increase in the prices of bread in the coming days.
“After considering the impact of the skyrocketed prices of baking ingredients/materials, for the survival of our noble business, which is presently bleeding, the association came to the conclusion to adjust our prices by 30 percent,” the statement reads.
The stakeholders of AMBCN appealed to the federal government to intervene and reverse the high tariffs imposed by the National Agency for Food and Drugs Administration and Control (NAFDAC) and allow only NAFDAC to regulate bakers.
Also, the association noted that the increase in the prices of commodities such as flour has forced some members out of business.
“The incessant increase of prices of flour and other baking materials is responsible for the decision,” Mr Umar said. “In the last six months, one truck of flour that we used to buy at less than ₦6 million is now ₦9 million.”
Last year, the association also announced a 50 per cent increase in their products, causing a sharp increase in the cost of bread.
Prices of bread have been increased more than twice in less than a year. Bread is a popular staple food for Nigerians, regardless of the financial status.
Generally, food prices have been affected due to the high inflation rate which is presently at 22.7 per cent according to government data office, NBS.
A fresh increment could keep the essential food commodity out of the reach of poor Nigerians.
