The Association of Master Bakers and Caterers of Nigeria (AMBCN) has directed its members to increase prices of bread and other bakeries by 30%, citing higher raw material costs.
The was disclosed by the National President of the association, Mansur Umar, in a statement on Wednesday reported by The Nation.
READ: No more N100 a plate meal in Nigeria
What the bakers association is saying about increase in bread prices:
Umar, who read the resolutions explained: “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 incessant increase of prices of flour and other baking materials is responsible for the decision.
READ: CBN blames herdsmen and bandits for galloping inflation rate
“In the last six months, one truck of flour that we used to buy at less than N6m is now N9m.
The association also urged the Federal Government to reduce regulatory roadblocks in the sector calling for NAFDAC to be the sole regulator of bakeries.
The Federal Competition and Consumer Protection Commission has not made a comment on the price hike.
READ: Nigeria’s inflation rate surges to 18.17% in March 2021
What you should know:
- Recall Nairametrics reported last month that the Central Bank of Nigeria announced plans to place sugar and wheat on its FX restriction list, adding that Nigeria must work to produce these items in Nigeria rather than import them