Prices of bread, biscuits to rise by 30%, say bakers

Prices of bread and biscuits are set to go up as the Association of Master Bakers and Caterers of Nigeria have announced its decision to increase the cost by 30 per cent.

The association said on Thursday that the decision was reached at its national executive council meeting in Abuja, adding that it was to cushion the impact of rising cost of production.

The AMBCN had last year hinted about a 50 per cent increase in the price of bread, citing the rising cost of raw materials and COVID-19 impact.

This increase may also be linked with the announcement by the Central Bank of Nigeria in April to include sugar and wheat on the list of import items banned from accessing foreign exchange (FX).

 

National President of the AMBCN, Mansur Umar, read the resolution, saying increase in prices of flour and other baking materials necessitated the development.

The association noted that a truck of flour which was previously sold at N6m is now N9bn.

“The incessant increase of prices of flour and other baking materials is responsible for the decision,” the statement read.

It also said, “In the last six months, one truck of flour that we used to buy at less than N6m is now N9m.

“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 per cent.”

The April 2021 report of the National Bureau of Statistics showed the price of a loaf of sliced bread grew by 5.18 per cent year-on-year while unsliced bread grew by 6.14 per cent.

The association asked the government to take urgent steps towards reducing the high price of flour.

It also urged the government to reverse the high tariff regime imposed by the National Agency for Food and Drugs Administration and Control and limit regulation of bakers to NAFDAC.