Bakers say prices of bread may increase, lament business no more profitable

Bakers say prices of bread may increase, lament business no more profitable

- Bakers' association has announced that an increase in the price of bread is inevitable

- The body stated that there may be a 50% increase on bread price due to a hike in the price of ingredients

- The bakers also lamented that baking business is no longer profitable and called on the government for help

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Amid current rage generated by the hike in the price of petrol, the Association of Master Bakers and Caterers of Nigeria (AMBCN) has stated a 50% increase in retail prices of bread and other finished baked items is inevitable.

The leadership of the association disclosed thi in an interview on Friday, September 11, in Lagos state, NAN reports.

Raji Omotunde, Lagos chapter chairman of AMBCN, attributed the proposed increase in price to the inflated prices experienced in the purchase of baking ingredients.

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Bakers say prices of bread may increase, lament business no more profitable

Bakers' association has announced that an increase in the price of bread is inevitable. Credit: NAN.
Source: UGC

Omotunde said that several engagements with flour millers revealed constraints with access to foreign exchange to procure materials for the milling process.

“Prices of all ingredients used for baking are too high, especially flour and sugar. Between March and September, there has been a monthly addition of N500 on a bag of flour and bakers have been bearing the additional cost.

“But as it is, baking bread and selling at the current price is no longer profitable. We have been appealing to the millers but they are groaning about the absence and increase in the price of foreign exchange.

“The only option we have now is to cry out so that government can come to our rescue,” he said.

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Earlier, Legit.ng reported that Dino Melaye, apparently aggrieved by the increment in the price of premium motor spirit popularly known as petrol, knocked the federal government for being insensitive to the plight of Nigerians.

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Taking to Twitter on Sunday, September 6, the former lawmaker lamented that instead of supporting Nigerians with different stimulus packages to ease the current economic hardship aggravated by the Covid-19 crisis, the government is draining the country dry without remorse.

The flamboyant senator, who represented Kogi West in the eighth National Assembly (NASS) before losing his senatorial seat to Adeyemi Smart in 2019, scolded the federal government for increasing "stamp duty, VAT, electricity and petrol."

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Source: Legit.ng

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