COVID-19: Price of bread to increase by 60% over cost of ingredients - Lagos bakers warn

COVID-19: Price of bread to increase by 60% over cost of ingredients - Lagos bakers warn

- The price of bread may soon go up as Lagos state bakers are complaining about the cost of baking ingredients

- According to the association, the price of baking ingredients shot up as a result of the coronavirus pandemic

- Bakers called on the government to intervene as the high cost of ingredients is killing their businesses

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Amid the coronavirus pandemic ravaging the country, Lagos state bakers have warned that the price of bread may go up by 60% unless the Nigerian government intervenes.

The Lagos bakers said the price would go up if the government doesn't stop the rising prices of baking materials due to the pandemic, The Guardian reports.

The group appealed to both federal and state governments to step in immediately and arrest the situation for everyone's benefit as the high cost of baking ingredients is killing their businesses.

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This was revealed in a statement jointly signed by the chairmen, Association of Master Bakers and Caterers of Nigeria, Kosofe and Surulere local chapters, Comrade Taiwo Akintola and Comrade Ibitoye Oladapothe.

The association went on further to note that bakers are finding it difficult to make profits as the prices of raw materials keep going up.

COVID-19: Price of bread to increase by 60% over cost of ingredients - Lagos bakers warn

Lagos bakers warn that the price of bread will increase by 60% over cost of ingredients.
Source: Depositphotos

Speaking on the prices, they noted that a bag of flour before the pandemic costs N9,000 but now goes for N13,000, while a bag of sugar now costs N24,000 as against the former price of N13,000.

The Lagos state bakers went on to add that the prices of salt, yeast, and other baking materials as well had gone up.

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Meanwhile, Legit.ng previously reported that as more reactions continue to trail the effect of coronavirus on the economy, traders in popular Lagos market shared their opinion on the impact of the disease on food prices so far.

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The pandemic which has led to a significant drop in oil prices has also resulted to drop in revenue across the globe.

Legit.ng visited Sura market, located on Lagos Island, Lagos, and inquired from traders the impact of the outbreak on the prices of goods and level of patronage.

At the market, sellers who spoke with Legit.ng, informed that there’s really no cause for alarm and no difference in the cost price of goods; adding that the low patronage is attributed to poor state of the economy that has resulted to inflation in the country and inadequate cash on the part of the buyers.

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Source: Legit.ng

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