Bakers to hike bread prices by 15% on rising input costs
Owing to the recent rise in the prices of flour, sugar, and yeast on other key inputs, the Association of Master Bakers and Caterers of Nigeria (AMBCON) has announced plans to increase bread prices across the country by 15 percent.
The increase which will be effective from Monday, July 24 is sequel to a resolution reached by the national executive council of the association during a meeting held virtually on Tuesday.
The association noted that the resolution reached was owing to the country’s current economic realities which are impacting negatively on bakers’ production costs.
“The recent general increases on our factors of production including but not limited to additional N1.2 million on a truck of flour (N2,000 per bag), N3.6 million on a truck of sugar (N6,000 per bag), yeast additional N2,000 per carton, fuel from N205 to N550, and diesel N650 to N700 (depending on the part of the country) among others,” a statement jointly signed by Mansur Umar, national president and Jude Okafor, national secretary of the association stated.
“Effective 24th July 2023 as an interim measure, all members of the Association of Master Bakers and Caterers of Nigeria (AMBCN) are hereby advised to adjust their prices by 15 percent in consonance with the now heavily increased cost of factors of production across board,” according to the statement.
“We can only produce standard baked products following NAFDAC regulation as we cannot sacrifice the health of our fellow countrymen and women on the altar of breaking even point by resorting to unhealthy practices,” the statement said.
The association called on the government to intervene urgently and save the industry from total collapse.
Also, the association appreciated Nigerians for their understanding and cooperation as they grapple with the extra burden on them with the imminent increase while promising to revert the price if there are significant government interventions.
