The Association of Master Bakers and Caterers of Nigeria have approved an ‘unavoidable’ 20% increase in the price of bread effective Wednesday August 17. This was announced on Monday by the Chairman of the Association, Mr Jacob Adejorin.
He cited the current economic problems plaguing the country- forex scarcity, increased costs of production and raw materials- as the main reason for the hike. Nigerian Tribune quotes him as saying that ‘bakers can longer cope with this situation, hence the decision to increase the prices of by about 20% across board’.
According to Mr Adejorin, this decision was made after the association considered the over 80% hike in the prices of raw materials (83.3% for sugar and 114.2% for flour) within the span of a few months, leaving bakers with no choice than to increase the price of bread if they were to break even.
The Association agreed that the hike would take effect from Wednesday and enforcement was be monitored beginning from the end of August, after which any erring baker would be dealt with.
He, however appealed to Nigerians to accommodate the price hike, while advising the FG to develop concessionary measures for flour mills to forestall another future price hike. To the flour mills, he stated in no uncertain terms, that any future hike without the Association’s knowledge would not be tolerated.
More on this article can be found in the Nigerian Tribune
News Team/Nigerian Tribune
