There are indications that prices of bread may rise significantly in the coming days due to a combination of factors, including the escalating cost of flour and other baking materials, high energy cost and multiple taxation.
A market survey conducted by our correspondent in Lagos and Ogun states revealed that the cost of baking flour had risen in most major markets. For instance, a 50-kilogramme of flour, the major ingredient for making bread and other pastries, which cost N6,200 in December, has increased to N6,600 on the average.
Master bakers in both states told our correspondent that the 5.5 per cent increase in price since January had drastically reduced their profit margin and would likely lead to a rise in the price of bread, cake and other pastries.
The Chairman, Association of Master Bakers and Caterers of Nigeria, Ojodu Zone, Mr. Adediran Bakare, said some of the major flour mills announced to their distributors in December the upward review of the prices of their products.
He explained that most bakers were caught unawares by the price increment as they did not make adequate preparation for it.
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