Inflation: Bakers to Increase Price of Bread by 20%
The price of bread is expected to rise by 20 with the bakers divided on how to address the increase in price of raw materials occasioned by the ongoing war between Russia and Ukraine.
The Premium Breadmakers Association of Nigeria (PBAN) had last week announced its members would embark on a four-day warning strike in order to force the Federal Government to put in place business-friendly policies.
However, the bakers in Cross River State pulled out of the strike and declared their intention to increase price of their bread.
The PBAN chairman in the state, Thomas Odey, confirmed the development in a chat with journalists.
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It had been reported previously that the invasion of Ukraine by Russia disrupted global trade, and also impacted exportation of wheat.
He said: “The planned increment is not even enough, this is because the price of every means of production has increased from condiments to diesel and all other raw materials.”
“This is a global issue that is not peculiar to Nigeria or materials for baking alone, but the price of every foodstuff has increased significantly.
“In my contacts with big flour mills in the country, they will tell you the Russia/Ukraine crisis, exchange rate and the issue of sourcing foreign currency are posing major challenges and increasing the price of wheat flour.
“In my training with Flour Mill, I discovered that they mixed cassava flour with wheat to get what they used, but the kind of cassava they used was a species we need to develop in large quantities.”
Also, the Chairman of Association of Master Bakers and Caterers of Nigeria in Kogi State, Gabriel Bamidele-Adeniyi, confirmed the increase in the bread price.
He also gave the breakdown of the prices starting from this week.
He said: “Unfortunately, as we resume production July 25, prices of bread will increase by 20 percent.
“A bread of N200 will cost between N240 and N250, that of N500 will cost N600, that of N600; N750, that of N700 will cost N880 and that of N800; between N980 and N1,000, respectively.”