Love bread? You’ll now pay 20% more for a loaf
There’s no need to stage protests. Nigerians should simply keep calm and buy bread at a higher price.
That’s what the Chairman of the Association of Master Bakers and Caterers of Nigeria, Jacob Adejorin, is saying.
The association has raised the price of bread by 20%. The new price regime will take effect from Wednesday, August 17. It means N100 bread will now sell at N120.
Adejorin said the performance of the naira against the dollar (forex scarcity in short) has led to an increase in the cost of producing bread.
“Bakers can longer cope with this situation, hence the decision to increase the prices of by about 20% across board,” Adejorin said on Monday.
He said price of raw materials used for baking have risen by over 80%. He said sugar rose by 83.3% while flour soared by 114.2% in the past few months. He said, to stay in business, the association had to raise the price of bread.
The new price regime will affect many Nigerians most of whom daily watch their income stay the same despite rising cost of living.
“It’s going to be harder to us to eat bread at home once this price takes effect,” a pepper seller who says her family enjoys the bakery product told NewsroomNG..
