Home / Business / Why We May Increase Prices Of Bread By 60 Per Cent – Lagos Bakers

Why We May Increase Prices Of Bread By 60 Per Cent – Lagos Bakers

Bakers in Lagos State have said they may increases prices of bread by 60 per cent if the Federal Government does not intervene.

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It said prices of baking ingredients have skyrocketed with the rampaging COVID-19 pandemic, saying it is threatening the existence of their business if they maintain the current prices of the commodity in the state.

In a statement jointly issued by Taiwo Akintola and Ibitoye Oladapo, the Lagos Chairmen, Association of Master Bakers and Caterers of Nigeria, Kosofe and Surulere local chapters, the body expressed sadness over the current situation the bakers are battling with.

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“A bag of flour that costs N9,000 before COVID-19, now goes for N13,000, while a bag of sugar now costs N24, 000 as against the former price of N13,000.”

“Butter is now N12,000 against N7,500, while milk which was hitherto N29,000, now goes for N52,000. And there is an increase in the bread packaging cost which is now N12,000 against the former price of N10,000″, The Nation quoted them to have said in the statement.

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The association lamented the fluctuating foreign exchange, high cost of diesel and other baking materials, saying those are the factors cited bu flour millers for the hike in price of baking ingredients.

“And that is why we are pleading with Federal Government to intervene in this matter by talking to flour millers and baking material sellers to bring the prices down.

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“Master bakers association is one of the largest employer of labour in the country and most of the bakeries are folding up, many Nigerians working in the bakery sector are already losing their jobs”, they added.

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“If we are suppose to follow the trend of increase in the prices of raw materials for our production, the Prices of Bread may increase by 60%”

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